WazirX’s $234M Hack Drama: Trading to Return in May (Fingers Crossed!)

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  • WazirX plans to resume trading by May 2025 after a truly disastrous $234M hack. 🤦‍♀️
  • Expect user compensation to start after Singapore’s court ruling on May 13. 🎉

WazirX, the Indian crypto exchange that’s been *oh so unlucky*, is working to get its act together after the $234 million hack of 2024 (someone’s probably not sleeping at night). They aim to start trading again by May 2025, but they’re waiting for a May 13 ruling from the Singapore High Court to move forward with compensating their users. Yes, that’s right—it’s all in the hands of the court. No pressure. 🙄

WazirX Plans User Compensation Post-Court Approval (If All Goes Well) on May 13, 2025

So here’s the deal: WazirX, in a very optimistic tone, tweeted on April 21, 2025, that they’ll begin trading again ten business days after the court gives the green light for their restructuring plan. Woo-hoo, right? 🎉 They also promised to start compensating users who lost money in the breach as soon as the judge says “yes.” A nice, tidy plan, we’re sure. Just don’t ask us how long that takes.

Meanwhile, Zettai PTE Ltd, WazirX’s parent company, has been jumping through the necessary hoops to move this recovery process forward. The next big thing is the court hearing. Fingers crossed, because after that, user compensation can actually start. Maybe.

Oh, and users? Yeah, they’ve been facing some real *first world crypto problems* since the hack. Some can’t even get access to their precious crypto, which is, like, *so* 2024. WazirX is throwing out ideas like creating a decentralized exchange (DEX) and a brand-new token to help those poor souls. It’s part of their “please, believe in us again” strategy. Let’s see if it works. 🤷‍♀️

WazirX is plowing ahead with its restructuring efforts, even though there’s a big, fat legal cloud hanging over their heads in India. The good news? They got 9 out of 10 creditors on board for their recovery plan. The bad news? Most of those creditors are only expecting 45–50% of their lost funds back. A little less than what they were hoping for, but hey, who’s counting? 🙃

WazirX Is Holding Out Hope for Court Approval—Pray for May 13

Now, back to India. Legal troubles there are… well, let’s just say they’re complicating things. The Indian Supreme Court straight-up dismissed a petition from 54 victims who tried to take action against WazirX, Binance, and the wallet provider Liminal. The court basically said, “Crypto is too complicated for us, go bother someone else.” Classic. 🙄

WazirX, meanwhile, is pushing forward with its Singapore restructuring plan, still ignoring the *minor* issue of India’s legal mess. But don’t worry, they’re staying hopeful that the Singapore court will approve their compensation plan and save the day (or at least their reputation). That said, some users are more than a little nervous about the ongoing delays and how much money they’ll actually get back. Not exactly a confidence booster, right? 😬

Crypto guru Ajay Kashyap was quick to point out that India’s crypto laws are, well, nonexistent. Users are paying transaction taxes like good little citizens but are left with no legal protections in case hackers come to play. Everyone’s pretty peeved about the lack of clarity and safeguards. Who wouldn’t be? 😤

But hey, WazirX is still keeping its chin up. They’re hopeful that once this whole court thing is over (please let it be soon), they’ll get back on track with their promises and maybe even restore a little faith in the crypto world. Fingers crossed. 🤞

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2025-04-23 01:27