WazirX Eyes Mid-May Restart Pending Singapore Court Approval

WazirX Confirms Restart on Track, Awaits Court Sanction in May

Indian cryptocurrency exchange WazirX has confirmed it is on course to resume operations following a devastating $234 million hack last July. In an April 21 update, the company announced that it is awaiting a critical hearing in Singapore’s High Court scheduled for May 13, which will determine whether it can proceed with its proposed restructuring and compensation scheme.

WazirX’s parent company, Zettai PTE Ltd, stated that it has completed all necessary steps ahead of the court's sanction hearing. If approved, the exchange could resume operations and begin compensating affected users within 10 business days.

“This hearing is essential for the Scheme to become legally effective,” the company said. “While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process.”

Over 90% of Creditors Approve Recovery Plan

The anticipated restart comes after more than 90% of WazirX’s voting creditors approved the post-hack restructuring plan during a meeting held earlier in April. The plan includes the issuance of "recovery tokens," which would be repurchased using future net profits from the exchange. These tokens are expected to recover 75–80% of users’ account balances that were lost in the July 2024 attack.

The cyberattack, attributed to North Korean-linked hackers, saw $234 million drained from a Safe Multisig wallet, prompting WazirX to halt both crypto and Indian rupee withdrawals. The exchange warned users that, without creditor support for the restructuring proposal, reimbursements could be delayed until as late as 2030.

Source: WazirX

In January 2025, Singapore’s High Court authorized Zettai to convene the creditors’ meeting and formally present its recovery proposal — a step that has brought the exchange one step closer to revival.

User Lawsuit Dismissed by Indian Supreme Court

Meanwhile, a separate legal challenge by users in India was struck down. On April 16, the Supreme Court of India dismissed a petition filed by 54 victims of the hack who were seeking legal action against WazirX, its co-founder Nischal Shetty, Binance, and custody provider Liminal.

The petitioners had also requested a full audit of WazirX’s accounts. However, Justices B.R. Gavai and Augustine Masih ruled that the court lacked jurisdiction over the matter, stating that the issue falls under the domain of crypto policy — an area not currently governed by India’s judiciary.

The justices advised the petitioners to redirect their concerns to a regulatory or administrative authority with the appropriate oversight.

Restart Timeline Still Within Reach

Despite the legal hurdles and complexities of navigating international court systems, WazirX reiterated its commitment to restarting operations within the previously communicated April–May 2025 window.

“We understand the eagerness around the platform restart and truly appreciate your continued patience,” the company said, signaling cautious optimism as it awaits the outcome of the upcoming hearing.

If the court gives the green light on May 13, WazirX could mark a rare turnaround for a major crypto exchange post-hack — restoring at least partial balances to affected users and regaining momentum in a cautious but recovering market.