Singapore Court extends WazirX hack case moratorium to June 6, ordering new affidavits to be filed by May 23.
Users of WazirX have been anticipating the SUM 940 hearing at the Singapore High Court, which will address the significant $230 million breach. The court extended the existing moratorium under OA 1284 until June 6, 2025, following the hearing on May 13. According to reports, this moratorium offers WazirX’s parent company, Zettai, temporary relief from prospective legal actions, enabling them to concentrate on the recovery of user funds and the company’s restructuring.
WazirX, one of the major crypto exchanges in India, was the victim of a security breach on July 18, 2024, resulting in a staggering $230 million (₹2000 crores). After the incident, the platform suspended trading and froze over half of its user funds. Users were uncertain about the potential recovery timeline and the fate of their investments due to this action.
WazirX Hack Hearing: Singapore Court Extends Moratorium
The Singapore court hearing on the exchange’s recovery plan was scheduled for May 13, 2025, according to an X post published by WaxirX on April 12, 2025. The exchange apprised its users of the primary results following the hearing, which included the moratorium’s extension until June 6, 2025.
The company disclosed in an official email to users that the court has not issued any orders concerning SUM 940. Nevertheless, the court directed WazirX’s parent company, Zettai, to submit additional affidavits by May 23, 2025.
The WazirX breach is a significant reminder of the crypto industry’s susceptibility to escalating threats and thefts, underscoring the necessity of robust security measures. German authorities recently confiscated $38 million in cryptocurrency from eXch, a platform associated with the $1.4 billion Bybit breach.
The company has been developing a recovery strategy since the $230M WaxirX hack and submitted a restructuring proposal to the Singapore court in early 2025. The exchange had intended to reimburse 85% of the funds, which was calculated based on the amount that had been previously suspended, with the overwhelming support of users (93.4%).
The recent hearing has essentially been a shot in the dark for WazirX users, even though the company decided to distribute funds within 10 days of the court approval.
It is important to note that the WazirX development is concurrent with the crypto community’s anticipation of the XRP lawsuit settlement. The WazirX case remains uncertain as the XRP lawsuit approaches a final verdict.
At the same time, crypto commentator Pushpendra Singh claimed that the crypto exchange failed to submit adequate evidence during the hearing in an update. Currently, the court has mandated that they provide the requisite evidence. Consequently, consumers may have to wait an additional period to determine the timeline for their fund recovery.
