WazirX, the Indian crypto exchange that lost $234 million in a July 2024 hack, said on April 21 that it plans to restart trading and compensate users once Singapore’s High Court approves its restructuring plan on May 13.
The parent company, Zettai PTE Ltd, will reopen the platform and begin payouts within ten business days of the court’s decision.
Court Hearing and Restart Timeline
On May 13, the Singapore High Court will hold a sanction hearing for Zettai’s proposed scheme. If the court gives its blessing, WazirX can legally implement the plan.
The exchange reminded users that it has already completed every step leading up to this hearing and is simply awaiting the final green light to move forward.
Aftermath of the July Hack
In mid‑July last year, hackers, later linked to North Korean actors, broke into WazirX’s Safe Multisig wallet and made off with about $234 million in crypto.
That heist froze both digital‑currency and rupee withdrawals for weeks and shook confidence across India’s crypto community, where most WazirX customers reside.
Also Read: WazirX Offer $23M Bounty Rewards, 133 Entries Already Received
User Compensation Process
Under the approved scheme, affected users will receive their share of recovered assets through a First Distribution. Grayscale says this payout and the exchange’s relaunch will occur within ten business days of the scheme becoming effective.
Investors were reminded that court schedules are out of the company’s hands, but that every other step has been completed on time.
Security Upgrades with BitGo
To strengthen its defences, WazirX has teamed up with BitGo, a leading digital‑asset custody provider. This collaboration will bring enhanced security and custodial features to the platform, aiming to better safeguard user funds and reduce the risks of future breaches.
Wider Impact on India’s Crypto Sector
The WazirX breach was one of the largest of 2024, a year that saw around $2.2 billion stolen from crypto platforms globally, which is a 21% increase over 2023, according to Chainalysis data. The incident prompted calls for tighter regulation and more robust security across India’s fast‑growing digital‑asset market.
With the key court hearing approaching, WazirX stands ready to resume operations and repay users. Its move to partner with BitGo highlights a fresh focus on safety.
If the Singapore High Court approves the plan on May 13, users can look forward to a swift return to trading and a payout process designed to restore trust in the exchange.
Also Read: Users Get Worried As WazirX Hacker Successfully Converts $206M Of The Stolen Funds To ETH