The post WazirX Users May Finally See Some Relief as Court Hearing Set for May 13 appeared first on Coinpedia Fintech News
After months of waiting and worry, WazirX users might finally get some good news. On May 13, 2025, the Singapore High Court is set to review the exchange’s recovery plan, nearly a year after a massive $230 million hack shook India’s biggest crypto platform.
If approved, this could be the first real step toward users getting their stolen money back.
Wazirx $230 Million Hack
Back in July 2024, WazirX suffered a massive hack that wiped out $230 million (around ₹2,000 crore) in crypto overnight. Soon after, many began linking the attack to the Lazarus Group, a hacking group supported by the North Korean government.
In response, WazirX froze over half of its users’ funds, affecting around 55% of the total funds, worth about ₹2,500 crore. Following the hack, the exchange suspended trading, leaving users without access to their funds and unsure about when or if they would be able to recover their money.
Meanwhile, the trust was broken, and faith in the platform hit rock bottom.
Restructuring Plan Submitted
Fast forward to May 2025, WazirX’s restructuring plan is now in the hands of Singapore’s High Court. If approved, this could be the first real step toward recovery.
A recent update from WazirX revealed that 93.4% of users supported the plan, showing a strong consensus within the community.
If the court approves the restructuring proposal, WazirX promises that users will receive 85% of their stolen funds, calculated based on their holdings at the time of the hack. The company anticipates that payouts could begin within 10 business days after the court’s approval.
What About 15% of the Fund?
For many users, today’s hearing feels like a moment of truth. While this decision offers much-needed optimism, the story isn’t over yet. The remaining 15% of funds still lack a clear recovery timeline, and many users remain unsatisfied with how the situation was managed after the hack.
