Singapore Court Hearing Postpones Decision on WazirX Hack Compensation
By: bitcoin ethereum news|2025/05/15 07:15:04
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The victims of the WazirX crypto hack have more pain than resolution. The Singapore High Court held a hearing on May 13, 2025, regarding WazirX’s restructuring efforts following last year’s $230 million crypto hack. Although no final decisions were made, the Court extended the moratorium on claims until June 6 and asked the company to submit further affidavits by May 23. Update from Court Hearing The hearing for SUM 940 took place on 13 May 2025 before the Singapore Court. While no orders were made at this stage, the Court has directed the Company to file a further affidavit(s) by 23 May 2025, and extended the existing moratorium to 6 June... pic.twitter.com/OpyNKhdL5e — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) May 14, 2025 A Further Delay on Cards? The latest update from WazirX has injected cautious optimism into its user base. The restructuring plan, which aims to compensate users affected by the July 2024 hack, is now under court review. According to WazirX, a strong 93.4% of users supported the proposal, which outlines a potential distribution of up to 85% of users’ stolen funds. If approved, the company says distributions could begin within 10 business days. Also Read : U.S.-Registered Xinbi Guarantee Linked to $8.4 Billion in Illegal Activity , The Hack That Shook India’s Crypto Scene In July 2024, WazirX was rocked by one of the largest hacks in Indian crypto history. Around ₹2,000 crore worth of assets (approximately $230 million) vanished overnight, with many pointing fingers at the North Korea-linked Lazarus Group. To contain damage, the exchange froze nearly 55% of users’ holdings and halted all trading activity. The move shattered user confidence, leaving thousands locked out of their funds. The Remaining 15% Still in Limbo While the restructuring plan offers a path forward, concerns remain. The proposal currently covers only 85% of lost assets, with no clear timeline for the remaining 15%. Many users remain frustrated about the platform’s delayed response and the uncertainty that still lingers. Until the next court decision, the wait continues, but for the first time in months, there’s real hope on the horizon. Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. FAQs WazirX was hacked for $230 million, with the Lazarus Group suspected to be behind the cyberattack. The Singapore High Court extended the moratorium to June 6, 2025, requesting further affidavits by May 23. Source: https://coinpedia.org/news/wazirx-news-singapore-court-hearing-postpones-decision-on-wazirx-hack-compensation/
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