$230M WazirX Hack Hearing Today As Users Await Refund
By: bitcoin ethereum news|2025/05/13 22:15:06
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WazirX users are on edge as a critical hearing is scheduled today. Following last year’s massive $230M WazirX hack, users have been eagerly awaiting justice and refunds. With the Singapore High Court’s recovery plan hearing approaching, the investors are yearning for a resolution to the ordeal. Notably, WazirX is one of the largest crypto exchanges in India, which faced a staggering $230 million (₹2000 crores) security breach on July 18, 2024. Following the incident, the platform froze over half of its user funds and suspended trading. This move left users uncertain about the fate of their investments and the potential recovery timeline. WazirX Hack Recovery Plan Hearing: What to Expect? According to an X post shared by WaxirX on April 12, 2025, the Singapore court is set to hear the exchange’s recovery plan today (May 13). The exchange described this move as a crucial milestone in recovering stolen user funds. The X post read, This marks an important step forward in our restructuring journey while staying on track with the timelines shared earlier. 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. The WazirX hack underscores the crypto industry’s vulnerability to escalating threats and thefts, emphasizing the need for robust security measures. Recently, German authorities seized $38 million in crypto from eXch, a platform linked to the $1.4 billion Bybit hack. Since the $230M WaxirX hack, the company has been working on a recovery plan and submitted a restructuring proposal to the Singapore court in early 2025. With overwhelming support from users (93.4%), the exchange plans to reimburse 85% of the funds based on the amount previously frozen. Thus, if the court approves the restructuring plan, WazirX will start distributing user funds within 10 business days. However, the remaining 15% still have no confirmed payout plan or timeline. It is noteworthy that the WazirX development is unfolding in tandem with the crypto community’s anticipation of the XRP lawsuit settlement. While the XRP lawsuit nears final verdict, WazirX’s hearing today could just be a start of a long restructuring and recovery process. ✓ Share: Nynu V Jamal Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/230m-wazirx-hack-hearing-today-as-users-await-refund/
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