Indian cryptocurrency exchange WazirX is gearing up to make a comeback by mid-May 2025, as per an update shared on April 21. The exchange has confirmed that it is on track to resume operations within the previously announced April–May timeframe, pending a final court decision in Singapore.
WazirX has disclosed that its parent company, Zettai, has completed all necessary preliminary requirements. The final hurdle is a court hearing scheduled for May 13, during which the Singapore High Court will determine whether to approve the firm’s restructuring proposal.
The outcome of this court decision is crucial in shaping the exchange’s revival strategy. If the proposal gets the green light, WazirX plans to disburse recovered funds and reopen its platform within ten business days after the hearing.
While WazirX is striving to adhere to its original timeline, it acknowledges that legal proceedings are outside its sphere of control. The exchange has emphasized that a delay in the court ruling could impact the schedule, but assures that its team is poised to act promptly once the approval is granted.
WazirX CEO Nischal Shetty has addressed concerns surrounding potential delays in fund distribution. He clarified that the exchange is awaiting the final verdict from the court before executing its recovery plan.
The proposed Scheme of Arrangement by WazirX has garnered significant support from creditors, with over 93% voting in favor. The plan is designed to prevent liquidation by introducing a decentralized exchange (DEX), distributing recovery tokens, and initiating buybacks over time.
Despite the strong backing from creditors, the proposal has faced criticism from some users who claim that creditors were coerced into compliance out of fear of losing all their funds in case of liquidation. WazirX, on the other hand, has stated that the arrangement could potentially help users recover up to 80% of their assets.
The platform encountered a major setback in July 2024 following a $230 million exploit linked to North Korean hackers. The stolen funds were swiftly funneled through cryptocurrency mixers, complicating the recovery process and leaving many users in a state of uncertainty.
Since then, WazirX has been diligently working on devising a recovery roadmap, with the impending court decision marking a significant milestone in this journey.