WazirX Awaits Court Approval to Restart Operations
WazirX, the crypto exchange hit by a massive hack, may soon resume operations. The platform has been inactive for nearly nine months. Its waiting for a key court decision in Singapore. If approved, it could restart trading adn withdrawals by mid-May.
The court hearing is set for May 13. If successful, the exchange could relaunch within 10 business days.This update comes from WazirX’s parent company, Zettai PTE Ltd.
The July 2024 hack, blamed on North Korea’s Lazarus Group, drained $234 million from WazirX. The company has since worked on a court-backed recovery plan. This plan aims to return assets to users and restart the platform.
Under the proposal,users will receive recovery tokens. These tokens can be redeemed over time through the platform’s profits. The plan expects to cover 75% to 80% of account balances at the time of the hack. Full repayment could take up to 36 months.
Initially,the plan faced criticism. Users were unhappy about tying repayments to a new decentralized exchange. However, over 90% of creditors, representing over $195 million, voted in favor of the plan in March.
Some users tried to sue WazirX in India’s Supreme Court. But the case was dismissed on April 16. The court said it wasn’t the right place to handle crypto disputes.
WazirX remains optimistic.It believes it’s on track for a relaunch within the April–May 2025 window. The upcoming court hearing is crucial for the plan to become legally effective.
