The post WazirX News: Relaunch Soon? Key Court Hearing Nears After $234M Hack appeared first on Coinpedia Fintech News
India’s leading crypto exchange WazirX is gearing up for a comeback after being rocked by a massive $234 million hack in July 2024. The exchange recently confirmed it’s ready to resume operations, with a crucial hearing scheduled for May 13, 2025, in the High Court of Singapore.
The upcoming hearing will decide the fate of WazirX’s proposed restructuring and user compensation plan. A favorable ruling could end a nearly year-long wait for thousands of affected users and clear the way for the platform’s return.
The Lazarus Group Connection
The July 2024 exploit was linked to North Korea’s infamous Lazarus Group and specifically targeted WazirX’s Safe Multisig wallet. Following the attack, the exchange had to suspend all crypto and fiat withdrawals. It remains one of the largest hacks in India’s crypto history and sent shockwaves through the local digital asset ecosystem.
Recovery Plan: Tokens, Payouts, and a 10-Day Timeline
If the court gives the green light, WazirX’s parent company, Zettai PTE Ltd, will resume operations within 10 business days. The recovery plan includes distributing recovery tokens to compensate users, with over 90% of creditors already voting in favor.
The plan aims to restore between 75-80% of user funds using profits from future operations.
Legal Setback for Indian Users
While things move forward in Singapore, victims in India hit a roadblock. The Supreme Court of India recently dismissed a petition filed by 54 victims of the hack. The petition sought legal action against WazirX, its founder Nischal Shetty, Binance, and custody partner Liminal. The court stated the issue falls under broader crypto policy and advised petitioners to approach regulatory bodies instead.
Exchange Sticks to April–May Relaunch Timeline
WazirX has consistently maintained that its restart and first round of compensation will take place between April and May 2025. Most of the groundwork is already in place, and with just the court’s approval pending, the exchange appears poised for a fresh start.
A positive outcome in Singapore could mark the official return of WazirX – restructured, more secure, and focused on user recovery. The platform’s comeback will be closely watched, not just as a test of its resilience, but as a case study in how exchanges can bounce back after major security failures.
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