WazirX sees today’s Singapore Court hearing as key to reimbursing users impacted by the $230M hack.
A critical hearing is scheduled for today, which has caused anxiety among WazirX users. Users have been anticipating justice and restitution with great enthusiasm since last year’s $230M WazirX hack. The investors eagerly anticipate a resolution to the ordeal as the recovery plan meeting at the Singapore High Court approaches.
WazirX, one of the largest 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.
Hearing on the Recovery Plan for the WazirX Hack: What Might We Expect?
Per an X post published by WaxirX on April 12, 2025, the Singapore court is scheduled to hear the exchange’s recovery plan today (May 13). The exchange characterized this action as a critical milestone in recovering misappropriated user funds. “The X post read,”
This marks an important step forward in our restructuring journey while staying on track with the timelines shared earlier. The Scheme will become effective once sanctioned by the Court and filed with the authorities, paving the way for the First Distribution within 10 business days.
The WazirX breach serves as a 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 intends to reimburse 85% of the funds, equivalent to the previously frozen amount, in light of the overwhelming support from users (93.4%).
Consequently, WazirX will distribute user funds within 10 business days if the court approves the restructuring plan. Nevertheless, the distribution plan and timeline for the remaining 15% have not yet been confirmed.
It is important to note that the WazirX development is concurrent with the crypto community’s anticipation of the XRP lawsuit settlement. As the XRP litigation approaches its final verdict, WazirX’s hearing today may begin a protracted restructuring and recovery process.
