The Singapore High Court expanded Wajirux’s moratorium on June 6 as it considers a user-supported plan to recover 85% of the stolen funds.
Wazirx’s $230 million hack recovery plan will earn 93.4% user support, but 15% of the assets remain unresolved amid ongoing legal proceedings.
The victims of Wazirx Crypto Hack are more painful than the solution. The Singapore High Court heard on May 13, 2025 on Wajirux’s restructuring efforts following last year’s $230 million crypto hack. Although no final decision was made, the court extended the suspension of claims until June 6th, and asked the company to file further affidavits by May 23rd.
court update from court hearing
A total of 940 hearings took place on May 13, 2025 in front of the Singapore Court. Although no order was made at this stage, the court instructed the company to file further affidavits by May 23, 2025, extending the existing moratorium to June 6…pic.twitter.com/opynkhdl5e
-Wazirx: India Ka Bitcoin Exchange (@wazirxindia) May 14, 2025
More delays on the card?
The latest update from Wazirx injected careful optimism into the user base. The restructuring plan aimed at compensating users affected by the July 2024 hack is currently under review by the court. According to Wazirx, a strong 93.4% of users support the proposal, outlines the potential distribution of up to 85% of users’ stolen funds. If approved, the company says the distribution can begin within 10 business days.
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Hacks that rocked the Indian cryptography scene
In July 2024, Wajirux shook into one of the biggest hacks in India’s history of code. Approximately 2,000 crore worth of assets (approximately $230 million) disappeared overnight, and many fingers disappeared to the North Korean-related Lazarus group. To include damages, the exchange freezes almost 55% of the user’s holdings and halts all trading activities. The move shattered user trust and thousands of people were locked out of the funds.
The remaining 15% is still in Limbo
The restructuring plan provides a way forward, but concerns remain. Currently, the proposal only covers 85% of the lost assets, with no clear timeline for the remaining 15%. Many users are frustrated about the platform’s slow response and the uncertainty that remains. The wait will continue until the next court decision, but for the first time in a few months, there is real hope on the horizon.