WazirX Files Sanction Application: Court Hearing Set for May 13
- Court hearing on May 13, 2025 to approve WazirX’s repayment plan.
- Repayments to begin within 10 business days post-approval.
- User trust remains low due to delays and lack of transparency.
WazirX customers can finally heave a sigh of relief. In a much-awaited turn of events, the cryptocurrency exchange has officially filed its sanction application before the Singapore Court as part of its on-going restructuring exercise after a disastrous cyberattack in 2024. The court has scheduled May 13, 2025, for hearing.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 12, 2025
Update on Restructuring Process
The Sanction Application has been filed with the Singapore Court. Following the filing, the Court has scheduled the hearing for 13th May 2025.
This marks an important step forward in our restructuring journey while staying on track with the… pic.twitter.com/ytFiPPM6NL
This filing is a significant move in the platform’s attempts to compensate impacted users from the breach, where more than $230 million in assets was lost.
According to early research, the hack was caused by a leaked private key, though technical details have not yet been released. User withdrawals were halted right away, and an official recovery plan began taking shape under Singaporean law afterwards.
What’s Next?
WazirX said that, subject to court sanction, the first tranche of repayments will begin within 10 business days of the hearing date. The repayments are under a court-sanctioned Scheme of Arrangement, which WazirX had assured users following the default.
The withdrawals and trading will resume gradually, subject to regulatory conditions; however, no dates have been released.
In a recent X (formerly Twitter) tweet, founder Nischal Shetty reassured the community that all is “on track” and requested people to exercise patience. He dispelled rumors of delay and said the scheduled court hearing is the next next step.
The users’ faith remains fragile, however. In the wake of the cyberattack, WazirX was criticized for its unclear communication policies, lack of transparency, and absence of proof of reserves or of any type of external audit. Some users have also reported regarding the handling of their account balances, specifically the frozen funds and the referral incentives.
A Glimmer of Hope Despite the ongoing skepticism, the filing is genuine progress. Not a final resolution, but having a court date on the calendar and an agreed repayment schedule gives users a clearer direction. After months of silence and uncertainty, this might be the start of a new chapter for WazirX and its users.
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WazirX Files Sanction Application: Court Hearing Set for May 13
- Court hearing on May 13, 2025 to approve WazirX’s repayment plan.
- Repayments to begin within 10 business days post-approval.
- User trust remains low due to delays and lack of transparency.
WazirX customers can finally heave a sigh of relief. In a much-awaited turn of events, the cryptocurrency exchange has officially filed its sanction application before the Singapore Court as part of its on-going restructuring exercise after a disastrous cyberattack in 2024. The court has scheduled May 13, 2025, for hearing.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 12, 2025
The Sanction Application has been filed with the Singapore Court. Following the filing, the Court has scheduled the hearing for 13th May 2025.
This marks an important step forward in our restructuring journey while staying on track with the… pic.twitter.com/ytFiPPM6NL
This filing is a significant move in the platform’s attempts to compensate impacted users from the breach, where more than $230 million in assets was lost.
According to early research, the hack was caused by a leaked private key, though technical details have not yet been released. User withdrawals were halted right away, and an official recovery plan began taking shape under Singaporean law afterwards.
What’s Next?
WazirX said that, subject to court sanction, the first tranche of repayments will begin within 10 business days of the hearing date. The repayments are under a court-sanctioned Scheme of Arrangement, which WazirX had assured users following the default.
The withdrawals and trading will resume gradually, subject to regulatory conditions; however, no dates have been released.
In a recent X (formerly Twitter) tweet, founder Nischal Shetty reassured the community that all is “on track” and requested people to exercise patience. He dispelled rumors of delay and said the scheduled court hearing is the next next step.
The users’ faith remains fragile, however. In the wake of the cyberattack, WazirX was criticized for its unclear communication policies, lack of transparency, and absence of proof of reserves or of any type of external audit. Some users have also reported regarding the handling of their account balances, specifically the frozen funds and the referral incentives.
A Glimmer of Hope Despite the ongoing skepticism, the filing is genuine progress. Not a final resolution, but having a court date on the calendar and an agreed repayment schedule gives users a clearer direction. After months of silence and uncertainty, this might be the start of a new chapter for WazirX and its users.
Highlighted Crypto News Today
Read More