{"id":23172,"date":"2025-04-22T11:47:34","date_gmt":"2025-04-22T11:47:34","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=23172"},"modified":"2025-04-22T11:47:34","modified_gmt":"2025-04-22T11:47:34","slug":"wazirx-eyes-comeback-as-court-ruling-on-restructuring-and-compensation-nears","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=23172","title":{"rendered":"WazirX Eyes Comeback as Court Ruling on Restructuring and Compensation Nears"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Indian crypto exchange WazirX is preparing for a potential relaunch, pending a key decision from Singapore\u2019s High Court on May 13 regarding its restructuring and user compensation plan. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The exchange, which suffered a $234 million hack in July 2024, says it could resume operations and <\/span><span data-preserver-spaces=\"true\">begin compensating<\/span><span data-preserver-spaces=\"true\"> affected users within 10 business days if the court approves its proposal.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-ai-crypto-coins\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Best AI Crypto Coins to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">WazirX Parent Zettai Completes Steps Ahead of Court Sanction Hearing<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In an <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/WazirXIndia\/status\/1914237263141388472\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">update posted on April 21<\/span><\/a><span data-preserver-spaces=\"true\">, WazirX\u2019s parent company, Zettai PTE Ltd, confirmed it had completed all necessary steps leading up to the court\u2019s sanction hearing. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis hearing is essential for the Scheme to become legally effective,\u201d the company stated, emphasizing its commitment to following legal procedures despite delays inherent in court processes.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The massive hack, attributed to North Korean cybercriminals, targeted WazirX\u2019s Safe Multisig wallet, forcing the exchange to suspend <\/span><span data-preserver-spaces=\"true\">both<\/span><span data-preserver-spaces=\"true\"> crypto and fiat withdrawals. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In response, Zettai crafted a restructuring plan centered around issuing recovery tokens, which will be gradually repurchased using the exchange\u2019s future profits. The plan is designed to return 75% to 80% of users\u2019 lost balances.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Earlier this month, over 90% of voting creditors approved the proposal, avoiding a scenario where repayments could have been delayed until 2030. The plan now awaits final court approval before implementation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe understand the eagerness around the platform restart and truly appreciate your continued patience,\u201d WazirX said. The platform reaffirmed its goal to resume services within the April-May 2025 timeframe.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FAQ: What\u2019s the current update on the restart of WazirX operations?<\/p>\n<p>A: We understand the eagerness around the platform restart and truly appreciate your continued patience. Since the beginning, we have communicated that the First Distribution and restart would occur within the\u2026 <a href=\"https:\/\/t.co\/VJtfX4EBLh\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/VJtfX4EBLh<\/a><\/p>\n<p>\u2014 WazirX: India Ka Bitcoin Exchange (@WazirXIndia) <a href=\"https:\/\/twitter.com\/WazirXIndia\/status\/1914237263141388472?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">April 21, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Meanwhile, legal challenges continue. On 16 April 2025, India\u2019s Supreme Court dismissed a petition filed by 54 victims of the hack. The victims were seeking legal action against WazirX, its co-founder Nischal Shetty, Binance, and custody provider Liminal. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The justices ruled that the matter fell outside the court\u2019s jurisdiction. The court advised petitioners to approach a regulatory authority instead.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Indian Supreme Court Dismisses WazirX Hack Petition <\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">As reported, the Indian Supreme Court has <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/news\/lack-of-crypto-framework-in-india-keeps-wazirx-hack-victims-from-justice\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">dismissed a petition<\/span><\/a><span data-preserver-spaces=\"true\"> filed by 54 victims of the 2024 WazirX hack. The heist involved \u20b92,000 crore ($234 million) being stolen by North Korea\u2019s Lazarus Group.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The court cited the lack of a clear regulatory framework for cryptocurrencies <\/span><span data-preserver-spaces=\"true\">as the reason<\/span><span data-preserver-spaces=\"true\"> for rejecting claims against WazirX\u2019s management, Binance, and Liminal Custody.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Victims accused the exchange of negligence and poor security practices. However, they <\/span><span data-preserver-spaces=\"true\">were told by the court that the issue falls under policy-making, not judicial intervention.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The petition had requested a Special Investigation Team and a forensic audit. But the court advised them to seek resolution through regulatory bodies like the RBI, SEBI, and CBI.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The decision has reignited criticism of India\u2019s crypto stance. It highlights the contradiction between taxing crypto profits at 30% while offering little legal protection to investors. <\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-meme-coin-icos\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best Meme Coin ICOs to Invest in April 2025<\/span><\/a><\/strong><\/p>\n<p><strong><a class=\"editor-rtfLink\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">WazirX is set to relaunch pending Singapore\u2019s High Court approval of its restructuring and compensation plan.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">Over 90% of creditors backed WazirX\u2019s recovery token plan, aiming to return up to 80% of user funds if the court gives the green light.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">India\u2019s Supreme Court dismissed victims\u2019 legal action due to regulatory gaps, sparking criticism over the country\u2019s lack of crypto investor protection.<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/wazirx-eyes-comeback-as-court-ruling-on-restructuring-and-compensation-nears\/\">WazirX Eyes Comeback as Court Ruling on Restructuring and Compensation Nears<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Indian crypto exchange WazirX is preparing for a potential relaunch, pending a key decision from Singapore\u2019s High Court on May 13 regarding its restructuring and user compensation plan. The exchange, which suffered a $234 million hack in July 2024, says it could resume operations and begin compensating affected users within 10 business days if the [&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-23172","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\/23172","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=23172"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/23172\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}