The long wait continues for WazirX users as the fallout from the massive $230 million security breach drags on. On May 13, 2025, the Singapore High Court held a critical hearing on the matter, but users hoping for clarity were left in limbo once again. Instead of delivering any decisive judgment, the court extended the existing moratorium under OA 1284 to June 6, effectively giving WazirX’s parent company, Zettai, more time to submit key documentation and push forward its restructuring plans.
The court has instructed Zettai to file additional affidavits by May 23, highlighting the ongoing legal complexities involved in navigating what is now one of the most high-profile exchange hacks in Asia’s crypto history.
A Hack That Shook India’s Crypto Ecosystem
The July 18, 2024 breach that hit WazirX—a major Indian cryptocurrency exchange—sent shockwaves across the crypto landscape. An estimated $230 million (or roughly ₹2000 crores) was compromised, prompting the platform to immediately freeze more than half of all user funds and suspend trading activity. What followed was chaos: customers were locked out, liquidity dried up, and confidence took a major hit.
WazirX quickly moved to file for relief through the Singapore courts, and in early 2025, it submitted a restructuring proposal as part of its recovery roadmap. A promising aspect of that proposal was a plan to reimburse up to 85% of frozen funds, buoyed by strong community support—over 93% of users reportedly voted in favor of the plan.
However, that optimism has been tempered by legal delays and the lack of transparency, as many users grow increasingly frustrated with the slow-moving process.
Moratorium Extended, But No Clarity Yet
In a recent email to users, WazirX explained that no decision had been made regarding the much-anticipated SUM 940 application. While the court agreed to continue shielding Zettai from lawsuits or creditor actions through the extended moratorium, it stopped short of offering any concrete path forward on reimbursement timelines.
This extension allows Zettai some breathing room to consolidate its legal position, refine its restructuring plan, and hopefully satisfy the court’s requests for clearer evidence. But for users stuck with frozen assets, this development felt more like a pause button than progress.
Adding fuel to the fire, Indian crypto influencer Pushpendra Singh claimed that WazirX appeared at the hearing ill-prepared, without sufficient documentation to support its claims. His remarks struck a chord with frustrated investors, many of whom now worry that the resolution they’ve been waiting for could take even longer than expected.
Security Woes Continue to Plague the Industry
The WazirX hack is just one of several high-profile incidents highlighting ongoing security vulnerabilities in the crypto sector. In a separate event, German authorities recently seized $38 million worth of crypto from a platform linked to the infamous $1.4 billion Bybit exploit. These cases only reinforce the urgent need for exchanges to bolster their cybersecurity frameworks and compliance protocols.
A Tale of Two Courtrooms
Interestingly, the slow march of justice in the WazirX case mirrors another courtroom drama: the XRP lawsuit in the United States. While the XRP case inches toward what many believe will be a landmark verdict for crypto regulation, WazirX users are still left with more questions than answers.
What’s Next?
The next key milestone for WazirX is May 23, when Zettai must submit additional affidavits to the Singapore court. Whether that will finally bring about a decision on fund reimbursements remains to be seen. Until then, WazirX users will have to stay patient, though patience is understandably wearing thin.
In the end, this case isn’t just about recovering lost funds—it’s about restoring trust in a rapidly evolving crypto environment where accountability is still struggling to catch up with innovation.
