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Hacked cryptocurrency exchange WazirX is expected to fully resume crypto withdrawals by mid-April 2025, over nine months after a massive cyberattack resulted in the theft of nearly $230 million from one of its wallets.
On December 6, WazirX's parent company, Zettai, filed an application with the Singapore court seeking approval to hold a shareholders' meeting to vote on a proposed restructuring scheme aimed at compensating affected users.
The Singapore court has scheduled a hearing for this application on January 22, 2025, according to a company statement.
As part of the proposed scheme, WazirX intends to compensate users by redistributing net liquid assets, sharing profits from a potential decentralized exchange, and recovering illiquid assets from the platform. As of December 5, 2024, the exchange held $565.7 million in digital assets, while user claims totaled approximately $546 million.
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If approved by the court and shareholders, WazirX plans to begin distributing liquid assets within 10 days of implementing the scheme. Additionally, the exchange has committed to sharing profits from its new business ventures and recovered stolen or illiquid assets over the next three years.
The cyberattack, which occurred in July, stands as India’s largest crypto heist to date, compromising 45% of WazirX’s total reserves. In response, the exchange paused operations and suspended withdrawals. While partial INR withdrawals resumed in August users have yet to recover the full amount of stolen funds.
The case has drawn attention from various government agencies, including the Financial Intelligence Unit, Intelligence Bureau, and CERT-In, which questioned WazirX officials about the $230 million heist. In November, Delhi Police arrested a suspect from West Bengal accused of creating a fake WazirX account to facilitate the cyberattack.
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