WazirX Set to Return After $234M Hack if Court Approves May 13 Ruling

WazirX is on the verge of making a comeback, nearly a year after a massive $234 million hack forced it to halt operations. The final hurdle is a Singapore High Court ruling expected on May 13, which will decide whether the company’s restructuring and user compensation plan can proceed.

According to an April 21 update shared via WazirX’s official Twitter handle, the exchange’s relaunch depends entirely on this court approval. Holding company Zettai PTE Ltd will reactivate trading and begin compensating users within ten business days if granted.

Around 45 percent of WazirX’s assets went missing when its Safe Multisig wallet was hacked in July 2024. The North Korean hackers conducted the attack, making cryptocurrencies and Indian rupees inaccessible to thousands of users.

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After this debacle, Zettai pursued court authorization to submit its recovery plan. The court approved it in January 2025, allowing WazirX to proceed with its creditor presentation for voting approval.

Last month, the majority of platform creditors voted in favor of the proposed plan. A total of 93.1 percent of participants, representing 94.6 percent of the total claim value, confirmed their support for the proposed plan. Because of this development, the last necessary judicial verification process became achievable.

Court Ruling to Trigger Immediate User Compensation and Platform Reactivation

The proposed plan outlines a phased compensation system prioritizing retail users. Larger claims, including those from institutions, are expected to follow in subsequent distribution phases. WazirX had previously warned that if the court rejected the plan, repayments could be delayed until 2030 due to extended legal complications.

With the hearing date confirmed, anticipation is growing among affected users and stakeholders. The company stated that it intends to return to operations after getting a courtroom decision from April to May.

The company’s users were appreciated for demonstrating tolerance throughout the previous year, and the main goal was to restore all services. The decision to be spelled out on May 13 will establish WazirX’s ability to advance after enduring this substantial security breach in India’s crypto sector.

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