Indian Exchange Eyes May 13 Hearing to Reboot Platform and Compensate Hack Victims
Indian crypto exchange WazirX has confirmed that it is on schedule to resume operations and launch its user compensation program, pending approval from Singapore’s High Court at a sanction hearing set for May 13, 2025.
In an April 21 update shared on X, WazirX said its parent company, Zettai PTE Ltd, had completed all required steps to enable the exchange’s restructuring plan. If the court approves the proposal, the exchange could be back online within 10 business days of the decision.
“This hearing is essential for the Scheme to become legally effective,” WazirX stated.
“While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process.”
FAQ: What’s the current update on the restart of WazirX operations?
A: We understand the eagerness around the platform restart and truly appreciate your continued patience. Since the beginning, we have communicated that the First Distribution and restart would occur within the… pic.twitter.com/VJtfX4EBLh
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 21, 2025
Hack Fallout and Recovery Strategy
WazirX was hacked in July 2024, losing $234 million worth of cryptocurrency stored in a Safe Multisig wallet, in what has since been attributed to North Korean hackers. Following the breach, the exchange was forced to halt all crypto and Indian rupee withdrawals, triggering widespread concern among users.
In January 2025, the Singapore High Court granted Zettai permission to convene a creditors’ meeting to propose a recovery and compensation plan. That plan was formally approved on April 7, when more than 90% of creditors voted in favor of the proposal.
The post-hack restructuring plan includes the issuance of recovery tokens, which would be repurchased over time using the exchange’s net profits. Based on projections, the recovery program could restore up to 75% to 80% of affected users’ balances from the time of the hack.
Without approval, WazirX previously warned that compensation could be delayed until 2030.
Supreme Court of India Dismisses Petition from Users
In a separate legal development, India’s Supreme Court dismissed a petition on April 16 filed by 54 WazirX users, who had sought legal action against WazirX, its founder Nischal Shetty, Binance, and custody partner Liminal.
The petitioners had asked the court to audit the exchange’s accounts and hold executives accountable for losses related to the hack. However, Justices B.R. Gavai and Augustine Masih ruled that the case involved matters of crypto regulation, which fell outside the court’s jurisdiction.
“The petitioners are advised to approach a regulatory body or relevant authority,” the justices said in their ruling.
Final Steps Toward Platform Relaunch
With the Singapore court hearing just weeks away, WazirX reiterated its commitment to transparency and user restitution.
“We understand the eagerness around the platform restart and truly appreciate your continued patience,” the exchange stated.
If approved, the restart and first round of distributions will begin during the April–May 2025 window, as previously communicated.
The case marks one of the largest recovery efforts ever attempted by a centralized crypto exchange following a hack, and could become a blueprint for restructuring in future incidents if successfully implemented.
