The Indian cryptocurrency exchange WazirX, which suffered significant losses due to a $235 million hack, intends to resume operations in the spring of 2025. The platform’s team announced this, noting that the relaunch is scheduled for April-May in accordance with the court’s decision.
This is reported by Business • Media
Key Milestones for Resuming Operations
According to the official statement, the exchange’s parent company Zettai has completed all necessary preliminary steps to restore operations. The next important milestone is the sanction hearing, which has been scheduled by the Supreme Court of Singapore for May 13, 2025.
“This hearing is crucial for the scheme to gain legal force,” the exchange’s team noted.
The WazirX team emphasized that while they have tried to adhere to the planned timelines, legal proceedings have their own dynamics and must be respected. Following the court’s approval of the scheme, the first distribution of funds and the relaunch of the platform will occur within 10 business days from the official date the ruling takes effect.
Facts About the Incident and Subsequent Investigations
Recall that in November 2024, officials from the Delhi Police’s Intelligence and Strategic Operations unit arrested a suspect involved in the hacking of WazirX, which resulted in the theft of $235 million. This has been a significant component of the process to restore the platform’s operations.
It is expected that after the court approves the scheme and all legal procedures are completed, the cryptocurrency exchange will reopen its doors to users, restoring trust and security for its clients.