EddieJayonCrypto
21 Apr 25
Indian crypto exchange WazirX plans to resume operations by mid-May 2025, pending a final court decision in Singapore scheduled for May 13. The exchange's parent company, Zettai, has completed preliminary requirements, and if the court approves the restructuring proposal, WazirX will distribute reco...
Indian crypto exchange WazirX is targeting a mid-May 2025 resumption of operations, contingent upon a final Singapore High Court decision scheduled for May 13. The exchange's parent company, Zettai, has completed all preliminary requirements required for the restructuring plan, which has garnered support from over 93% of creditors. If the court approves the Scheme of Arrangement, WazirX will distribute recovered funds and reopen its platform within ten business days. This restructuring plan, designed to avoid liquidation, involves launching a decentralized exchange (DEX), distributing recovery tokens, and conducting buybacks over time. WazirX’s CEO, Nischal Shetty, emphasized that the exchange awaits legal approval before executing the recovery plan, which aims to allow users to recover up to 80% of their assets. The exchange collapsed in July 2024 following a $230 million hack linked to North Korean actors, with stolen funds moved rapidly through crypto mixers complicating recovery efforts. While the proposal has strong creditor support, some users criticize it, suggesting pressure was applied on creditors due to fears of total loss in a liquidation scenario. WazirX remains committed to relaunching within the previously stated April–May timeframe but acknowledges that legal delays could impact that schedule. The upcoming court ruling marks a pivotal moment in WazirX’s efforts to recover funds and restore trust among its user base after the significant security breach.