Key Takeaways:
- WazirX aims to resume operations and start creditor payments following a crucial hearing in Singapore on May 13.
- The crypto exchange’s parent company, Zettai, has finalized preparations for the court’s ruling on the restructuring and compensation plan.
- A North Korean cyber attack last year led to a significant loss of nearly 45% of user assets, which has triggered a restructuring plan supported by 93.1% of creditors.
WazirX, which suffered from a $234.9 million hack last year, is making strides to reinitiate its services and distribute payments to creditors after the important Singapore court session on May 13. Zettai, the company behind WazirX, has completed all necessary preparations for the court’s examination into the restructuring and compensation initiatives.
“While we’ve endeavored to stay in tune with the previously announced schedules, legal processes unfold independently, and we honor that sequence. Once the Scheme is approved, the First Distribution will occur within 10 business days from the Effective Scheme Date, as earlier detailed,” WazirX communicated in a post on X.
In a recent interaction, WazirX mentioned:
FAQ: What’s the latest on the WazirX operations restart?
A: We recognize the anticipation surrounding the platform’s revival and genuinely thank you for your ongoing patience. Since the outset, we have indicated that the First Distribution and the restart would take place within the… pic.twitter.com/VJtfX4EBLh
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 21, 2025.
The attack in question led to about 45% of user assets being removed from a Safe Multisig wallet, compelling the platform to cease withdrawals and propose a restructuring effort to help partially recover those assets.
Earlier this month, 93.1% of creditors holding 94.6% of the authorized $196 million in claims backed the restructuring motion in a vote. The strategy entails issuing tradeable Recovery Tokens along with regular buybacks, and launching a decentralized trading platform.
In the past 24 hours, WazirX’s WRX tokens remain relatively unchanged.
