WazirX Hints at Resuming Operation After the Sanction Hearing in May

WazirX has hinted at the resumption of its operation in May pending the sanction hearing scheduled for May 13, 2025, at the Singapore High Court.

FAQ: What’s the current update on the restart of WazirX operations?

A: We understand the eagerness around the platform restart and truly appreciate your continued patience. Since the beginning, we have communicated that the First Distribution and restart would occur within the… pic.twitter.com/VJtfX4EBLh

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 21, 2025

The Indian-based crypto exchange made it known that it is aware of the eagerness surrounding the platform’s resumption date after a long suspension of operation following the July 2024 hacking.

WazirX stated that after Zettai, the exchange’s parent company, has completed the necessary steps, the next key step is the sanction hearing, which is essential for the effective implementation of the restructuring scheme.

The restructuring scheme, which is scheduled to occur within the April–May 2025 window, aims to refund the stolen assets to the affected users and be eligible for profit sharing in the future.

“After the Scheme is sanctioned, the First Distribution and restart will follow within 10 business days from the Effective Scheme Date, as outlined earlier,” WazirX stated.

WazirX Losses $230M to North Korea’s Lazarus Group Hackers

On the 18th of July, 2024, WazirX suffered a significant cyberattack and lost approximately $230 million in the incident, which is equivalent to 45% of the exchange’s user funds.

In response to the recent cyber attack that led to the theft of $230 million (45% of user funds), we are committed to handling the situation fairly and transparently. We are implementing a socialized loss strategy to distribute the impact equitably among all users.

To manage the… pic.twitter.com/uOKvxWuEip

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 27, 2024

Thereafter, WazirX suspended trading for a comprehensive security audit. They also collaborated with other exchanges, law enforcement and forensic experts to trace and freeze stolen assets.

To address the losses, WazirX introduced a 55/45 recovery model, granting users immediate access to 55% of their assets while locking the remaining 45% in Tether (USDT)-equivalent tokens.

“We are implementing a fair and transparent socialized loss strategy to distribute the impact across all users equitably,” WazirX stated

Subsequently, WazirX, under its parent company Zettai, sought legal recourse in Singapore. In January 2025, the Singapore High Court granted Zettai permission to convene a meeting with creditors to vote on a proposed recovery plan for the lost assets.

The company applied for a Scheme of Arrangement under Singapore’s Companies Act 1967, which the Singapore High Court approved in January 2025.

📢 Court Approval for Scheme Meeting Granted

We're pleased to announce that the Singapore High Court has granted us leave to convene a Scheme Meeting. This marks another significant milestone in the restructuring process as we move closer to the distribution of Net Liquid… pic.twitter.com/tHGwKD0bGo

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 23, 2025

The restructuring plan includes issuing Recovery Tokens (RTs) backed by liquid assets, allowing users to reclaim 75–80% of their lost funds. These tokens also offer profit-sharing rights and benefits from any future asset recoveries.

As part of their efforts to recover stolen assets, WazirX froze approximately $3 million in stolen USDT and continues to work with international authorities to recover additional assets.

📢 Recovery Update: ~$3M USDT Frozen

As part of the ongoing recovery efforts following the cyberattack, ~$3M USDT has been successfully frozen. This marks an important milestone in safeguarding user interests and recovering stolen assets.

🔍 Why This Matters:

» Rapid Action:… pic.twitter.com/VIn7fEeOcr

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 17, 2025

They have also allocated $12 million to cover legal costs and are actively engaging potential investors to support the platform’s revival.

MANTRA Burns 300M OM Token to Restore Investors’ Confidence

After the OM Token crashed over 90%, investors accused the MANTRA team of sparking rug-pull and intentional manipulation of billions in market cap.

This is a first step in rebuilding trust with the community, but far from the last. We will share more in the coming days about our plans to ensure alignment going forward. 🫡🕉️ https://t.co/685jVsJNBA

— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 21, 2025

In response, the MANTRA team, which denied any involvement in token manipulation, has taken steps to restore investors’ confidence by burning 150M tokens, whilst there is an ongoing conversation to burn an additional 150M OM Tokens, totalling 300M burnt tokens.