- WazirX aims to resume operations by May if Singapore court approves its restructuring plan.
- The platform has been inactive for nearly nine months since the $234 million hack.
- A phased recovery process will kick off once the court sanctions the proposal on May 13.
WazirX, the cryptocurrency exchange that suffered a major hack in July 2024, is moving toward a relaunch. The platform has been on hold for nearly nine months, waiting for a critical decision from the Singapore High Court on its restructuring plan.
The High Court’s approval of the restructuring plan, expected at the May 13 hearing, is vital for the platform’s revival. If the plan is sanctioned, WazirX anticipates that trading and withdrawals could begin again within 10 business days.
WazirX Eyes Resumption of Operations After Court Hearing
WazirX has been struggling to recover after a devastating $234 million hack in July 2024. The exchange has been on pause for almost nine months, awaiting a crucial court decision regarding its restructuring plan. Parent company Zettai PTE Ltd has presented a proposal outlining how it plans to compensate users and restore operations. The court hearing scheduled for May 13 will determine whether the plan becomes legally effective.
Once approved, the exchange plans to resume trading and withdrawals within 10 business days. This will mark the beginning of a phased recovery process, allowing WazirX to rebuild trust with its users. The company has stated that it has completed all necessary steps and is on track for a full relaunch between April and May 2025, depending on the outcome of the court hearing.
After months of uncertainty, the decision on May 13 will be pivotal for WazirX’s future. If successful, the exchange’s recovery plan could set a new benchmark for how crypto platforms handle security breaches and user compensation.
The upcoming court hearing is a decisive moment for WazirX. A successful approval could pave the way for the platform’s revival, bringing hope to users affected by the hack and setting the stage for a comeback in the cryptocurrency space.
“WazirX could resume operations next month, as the hacked trading platform awaits a crucial court decision in Singapore that could clear the way for its post-hack recovery plan and user compensation scheme.”
