WazirX has secured a crucial extension from a Singapore court, delaying the final decision on its proposed restructuring plan. The legal pause gives the Indian cryptocurrency exchange more time to argue its case, nearly a year after a $234 million hack disrupted its services.
The exploit, traced to North Korean hackers, forced WazirX to halt operations and triggered a complex recovery process. As the services continue to be suspended, users are left in limbo as legal cases are underway abroad.
Under the exchange, the court has pushed the original June 6, 2025, moratorium deadline much farther. This gives the firm an opportunity to present its Scheme of Arrangement before a final court decision. The plan is geared towards reorganizing business and compensating users affected by the 2024 breach.
Affected users overwhelmingly supported the proposed plan when it was voted on in March 2025. More than 141,000 creditors with almost $196 million in claims, using the Kroll Issuer Services platform, voted in support of restructuring.
Although the majority supported it, some users were skeptical of the process’s transparency, given concerns about conflicts of interest.
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Delay Extends Uncertainty as Compensation Timeline Remains Unclear
Besides the internal complications, the WazirX hack was one of the largest crypto-related thefts reported in 2024. Data from Chainalysis shows the industry lost $2.2 billion to hackers and scammers that year, a 21 percent increase from 2023.
Ever since WazirX started its legal and financial restructuring initiatives, legal proceedings have been running in Singapore, where the case is now being determined. This extension has further delayed the actual court ruling, forcing those who have used the services to remain in doubt as to when they will continue enjoying the services and when the money will be refunded.
According to the company, it has been serious about implementing its recovery strategy, and this recent setback in the law suit has renewed user expectations yet again. It is one year until July 18, 2025, and victims of the exploit have yet to be closed.
WazirX has more time to move in the direction it has chosen in terms of rebasing, but the court extension makes users anxious. Everyone now waits for the court’s subsequent order to see how the exchange will take charge and reimburse the affected.
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