{"id":23105,"date":"2025-04-22T03:01:36","date_gmt":"2025-04-22T03:01:36","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=23105"},"modified":"2025-04-22T03:01:36","modified_gmt":"2025-04-22T03:01:36","slug":"wazirx-confirms-restart-on-track-as-it-awaits-sanction-hearing-in-may","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=23105","title":{"rendered":"WazirX confirms restart on track as it awaits sanction hearing in May"},"content":{"rendered":"<div>\n<p style=\"float:right; margin:0 0 10px 15px; width:240px;\"><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjBmOWEtMTg2ZS03Njk0LTkwODAtZTcwZjcxNjIyYTg1.jpg\"><\/p>\n<\/p>\n<p style=\"float:right; margin:0 0 10px 15px; width:240px;\"><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjBmOWEtMTg2ZS03Njk0LTkwODAtZTcwZjcxNjIyYTg1.jpg\" alt=\"WazirX confirms restart on track as it awaits sanction hearing in May\"><\/p>\n<p>Indian crypto exchange WazirX, which was hacked for $234 million last July, says it is on track to restart its operations pending a May 13 court decision on its restructuring proposal and user compensation plan.\u00a0<\/p>\n<p>If Singapore\u2019s High Court gives the nod, WazirX parent company Zettai PTE Ltd can <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/explained\/crypto-exchanges-explained\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">restart the exchange<\/a> and begin its compensation scheme for affected users within 10 business days, WazirX <a data-ct-non-breakable=\"null\" href=\"https:\/\/x.com\/WazirXIndia\/status\/1914237263141388472\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">said<\/a> in an April 21 update to X.<\/p>\n<p>WazirX lost <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/indian-crypto-exchange-wazirx-hack-235m\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">$234 million of crypto<\/a> from a Safe Multisig wallet mid-July 2024 in an attack <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/235m-wazirx-crypto-exchange-hack-india\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">since attributed to North Korean hackers<\/a>, forcing them to temporarily pause all crypto and Indian rupee withdrawals on the platform.<\/p>\n<figure><img decoding=\"async\" alt=\"Cryptocurrencies, India, Cryptocurrency Exchange\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-04\/01965b49-aa15-72ab-aab1-59be63f194a7\" title=\"\"><figcaption style=\"text-align: center;\"><em>Source: <\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/x.com\/WazirXIndia\/status\/1914237263141388472\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\"><em>WazirX<\/em><\/a><\/figcaption><\/figure>\n<p>\u201cZettai has completed all prior required steps, and the next key step is the sanction hearing, which the Singapore High Court has scheduled for May 13, 2025,\u201d the firm said.<\/p>\n<p>\u201cThis hearing is essential for the Scheme to become legally effective. While we\u2019ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process.\u201d<\/p>\n<p>On April 7, <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/wazirx-creditors-approve-restructuring-plan-post-hack\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">more than 90% of the voting creditors<\/a> voted in favor of the platform\u2019s post-hack restructuring plan, which involved the issuance of recovery tokens.<\/p>\n<p>The tokens would be repurchased using net profits from the exchange and could yield 75% to 80% of users\u2019 account balances at the time of the cyberattack.<\/p>\n<p><template data-ct-widget=\"buzzsprout\" data-buzzsprout-podcast-id=\"2096305\" data-buzzsprout-episode-id=\"16821617\"><\/template><\/p>\n<p>WazirX had warned that repayments from the $235 million hack <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/wazirx-hack-repayments-vote-2030-delay\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">could be delayed until 2030 <\/a>if creditors didn\u2019t approve its proposed restructuring plan.\u00a0<\/p>\n<p>Singapore\u2019s High Court gave Zettai <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/wazirx-singapore-court-approval-repay-235m-hack-victims\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">permission to convene a creditors\u2019 meeting<\/a> to propose a possible remedy for users and a plan to get the exchange back online in January.<\/p>\n<p><em><strong>Related: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/two-thirds-hacked-bybit-funds-remain-traceable-ceo\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\"><em><strong>Bybit CEO: Two-thirds of Lazarus-hacked funds remain traceable<\/strong><\/em><\/a><\/p>\n<p>\u201cWe understand the eagerness around the platform restart and truly appreciate your continued patience,\u201d WazirX said.<\/p>\n<p>&#8220;Since the beginning, we have communicated that the first distribution and restart would occur within the April-May 2025 window.\u201d<\/p>\n<h2>Supreme Court of India dismisses WazirX users petition\u00a0<\/h2>\n<p>A separate April 16 court judgment from the Supreme Court of India dismissed a petition filed by 54 victims of the hack, who sought legal action against WazirX, Shetty, Binance and <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/explained\/various-forms-of-bitcoin-custody-explained\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">custody provider Liminal<\/a>. Petitioners also asked the court to audit WazirX\u2019s accounts.\u00a0\u00a0<\/p>\n<p>Justices B.R. Gavai and Augustine Masih rejected the petition, saying the court could not rule on the case because it was a matter of crypto policy, which the court doesn&#8217;t have the authority to rule on.\u00a0<\/p>\n<p>Gavai and Masih advised the petitioners to approach a regulatory body or other relevant authority to hear the matter instead.<\/p>\n<p><em><strong>Magazine: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/magazine\/crypto-chinas-naked-loan-indians-scammed-fake-women-asia-express\/\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\"><em><strong>Uni students crypto \u2018grooming\u2019 scandal, 67K scammed by fake women: Asia Express<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\" label=\"Subscription Form: DeFi Newsletter\"><\/template>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Indian crypto exchange WazirX, which was hacked for $234 million last July, says it is on track to restart its operations pending a May 13 court decision on its restructuring proposal and user compensation plan.\u00a0 If Singapore\u2019s High Court gives the nod, WazirX parent company Zettai PTE Ltd can restart the exchange and begin its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-23105","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/23105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23105"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/23105\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}