WazirX, one of India’s largest crypto exchanges, is on the brink of a comeback after suffering a massive $234 million hack in July 2024. In a recent update, the exchange confirmed it is prepared to relaunch operations, with a crucial hearing scheduled for May 13, 2025, in Singapore’s High Court.
This hearing will decide the fate of WazirX’s restructuring and user compensation proposal, potentially ending a nearly year-long wait for affected users.
WazirX Hack Tied to North Korea’s Lazarus Group
The July 2024 exploit—linked to North Korea’s infamous Lazarus Group—targeted WazirX’s Safe Multisig wallet, forcing the platform to halt all crypto and fiat withdrawals. The incident stands as one of the most significant hacks in India’s crypto history.
If the Singapore court approves the restructuring plan, WazirX’s parent company, Zettai PTE Ltd, will resume operations within 10 business days. The plan includes issuing recovery tokens to compensate users, with over 90% of creditors already voting in favor. The goal is to restore 75–80% of user funds using future profits.
India Supreme Court Dismisses Victims’ Petition
While things progress in Singapore, victims faced a setback in India. The Supreme Court dismissed a petition from 54 hack victims seeking action against WazirX, its founder Nischal Shetty, Binance, and custody partner Liminal. The court stated the issue falls under broader crypto policy and directed petitioners to approach regulatory bodies.
WazirX Relaunch Expected Between April and May
WazirX has maintained that its restart and initial round of compensation will happen between April and May 2025. With most of the groundwork laid and only the court’s final nod pending, the crypto community is watching closely.
A positive verdict could mark WazirX’s official return—rebooted with stronger security, a user-first recovery plan, and a fresh chance to rebuild trust.
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