WazirX Hack Hearing: $230M Refund Update
WazirX users anxiously await the outcome of a critical hearing today concerning the $230 million hack that occurred in July 2024. This hearing, taking place in the Singapore High Court, centers on the exchange's recovery plan and the potential for refunds to affected investors.
WazirX Hack: Recovery Plan Hearing
The $230 million (₹2000 crores) security breach on July 18, 2024, led WazirX to freeze a significant portion of user funds and suspend trading. This caused considerable uncertainty for users regarding the recovery of their investments.
According to a recent X post (April 12, 2025), the Singapore court hearing on May 13, 2025, will address WazirX's proposed recovery plan. The exchange views this as a pivotal step in the process of returning stolen funds. The X post stated that the plan, if approved, would lead to the first distribution of funds within 10 business days.
This marks an important step forward in our restructuring journey... The Scheme will become effective once sanctioned by the Court and filed with the authorities, paving the way for the First Distribution within 10 business days.
What's at Stake?
The WazirX hack highlights the vulnerabilities within the cryptocurrency industry. The incident underscores the need for robust security measures. Recent events, such as the seizure of $38 million in crypto by German authorities linked to the Bybit hack, further emphasize this point. Read more about the Bybit hack.
WazirX submitted a restructuring proposal to the Singapore court earlier in 2025, which received 93.4% support from users. The plan aims to reimburse 85% of frozen funds. If the court approves, WazirX plans to distribute these funds promptly. However, a payout plan for the remaining 15% is yet to be determined.
The WazirX situation unfolds alongside the anticipated settlement of the XRP lawsuit. While the outcome of the XRP case remains uncertain, the WazirX hearing represents a significant milestone in its own long road to recovery. The impact of this ruling could set a precedent for future crypto exchange security breaches.
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Disclaimer: This information is for educational purposes only and does not constitute financial advice. Conduct thorough research before making any investment decisions.