Those who have been veterans in the crypto industry certainly have some idea about the infamous WazirX hack. The incident changed the very course of the platform and led to its temporary demise.
The WazirX debacle took place at least nine months ago. After the temporary hiatus, the platform is now primed to resume its activities. However, the platform is still awaiting approval from the Singapore High Court for the brand’s restructuring plans.
WazirX All Set To Resume Function
The parent company, Zettai PTE LTD, first submitted the restructuring proposal. The reason behind this restructuring is to recover from the major hack that led to a $234 million loss. The verdict will be released on May 13th, and the withdrawal can be reversed within 10 days.
WazirX released an official statement regarding the next chapter. In a social media post on X, the handle shared news suggesting, “We understand the eagerness around the platform restart and truly appreciate your continued patience. Since the beginning, we have communicated that the First Distribution and restart would occur within the April–May 2025 window.”
The handle further stated, “While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process. After the Scheme is sanctioned, the First Distribution and restart will follow within 10 business days from the Effective Scheme Date, as outlined earlier.”
Therefore, it is safe to say that the ball is currently in the court of the Singapore judicial system. However, there are no official statements highlighting the restructuring points. If this succeeds, it will be another favorable outcome for the crypto industry.
