- WazirX plans to resume trading by May 2025 after $234M hack.
- The exchange is to begin user compensation after Singapore court’s May 13 ruling.
WazirX, an Indian cryptocurrency exchange, is working to resume its operations following a devastating cyberattack in July 2024 that resulted in the theft of $234 million from its users. The company plans to return to operations by May 2025 based on the pending judgment from Singapore’s High Court scheduled for May 13, 2025. The exchange requires the Singapore High Court ruling to advance its user compensation program and platform restructuring following the hack.
WazirX Plans User Compensation Post-Court Approval on May 13, 2025
WazirX announced on its official X account on April 21, 2025, that the platform will begin trading again ten business days after the court approves the proposed restructuring plan. The platform plans to start compensating users who suffered monetary losses from the breach immediately following the court’s decision. WazirX provided its customer base a confirmation that it maintains timeline adherence and constantly communicates transparently about recovery progress.
Zettai PTE Ltd, as the parent company of the exchange, finished the required steps that allow further recovery progression, while the court hearing represents the next main checkpoint to finalize compensation scheme details. The first fund distribution to users will begin promptly after the court validates the recovery procedures, according to WazirX.
Users experienced extensive impact from the July 2024 hack because it prevented numerous individuals from accessing their cryptocurrency assets. WazirX has developed plans to launch a decentralized exchange (DEX) combined with new cryptocurrency token creation to support victims of the security breach. The exchange follows these initiatives as part of its strategy to win back user confidence and normalize its operational conditions.
WazirX has maintained steady advancement of its restructuring program even while encountering regulatory and legal hurdles in the Indian market. The company achieved more than nine out of ten creditor approvals for its recovery plan. The majority of investors show restraint regarding their recoveries because they believe they will receive back only 45 to 50% of their lost funds. This figure is significantly lower than what users had hoped for, given the scale of the breach.
WazirX Remains Optimistic About Court Approval for Compensation Plan
Legal issues in India have complicated the situation further. The Indian Supreme Court dismissed the 54 hacked victims’ petition, which targeted WazirX as well as the Binance network and the custody provider Liminal with legal actions. The court determined that crypto policy issues exceeded its authority; thus, it referred victims to contact appropriate regulatory bodies.
WazirX continues its Singapore restructuring activities without any resolution of the legal situation in India. The company maintains positive expectations that court endorsement will permit providing compensation to users who were affected. Many users remain worried about how the court delays, alongside uncertain recovery rates, will affect their situation.
Crypto analyst Ajay Kashyap emphasized that India lacks proper regulations that protect the crypto market. The Indian crypto user base must pay transaction taxes, but has no legal defense in case of hacker attacks. Numerous crypto experts, along with the entire digital currency network, express their annoyance about unclear regulatory standards and insufficient consumer safeguards.
Despite these challenges, WazirX maintains its dedication to repairing its platform while also recovering funds for its user base. The company expects the approaching court decision to restore its ability to honor its promises while rebuilding its position in the cryptocurrency sector.
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