WazirX—the Indian crypto exchange—was hit by a massive $234 million hack. Now, after months of rebuilding behind the scenes, the team says they’re ready to flip the switch and get things running again—provided a Singapore court signs off on their recovery plan on May 13.

In an April 21 post on X, WazirX explained that if Singapore’s High Court approves their restructuring proposal and user-compensation roadmap, their parent company (Zettai PTE Ltd) can reopen the exchange and start reimbursing affected customers within ten business days.

To jog your memory: attackers—now widely blamed on a North Korean hacking group—made off with $234 million worth of crypto from a special “Safe Multisig” wallet back in mid-July 2024. In the aftermath, WazirX had no choice but to pause every crypto and rupee withdrawal, leaving users in limbo. Now, fingers crossed, they’re gearing up to make it right.

Despite this setback for the affected users in the Indian legal system, WazirX's focus remains on the upcoming hearing in Singapore. If the High Court sanctions the restructuring scheme, the exchange anticipates being able to restart operations and commence the user compensation process within ten business days following the court's decision.   

The crypto community in India is keenly observing these developments, hoping for a swift and positive resolution that will allow WazirX to resume its services and begin the process of making its users whole after the significant losses they endured. The May 13th hearing is now a highly anticipated event that will likely shape the immediate future of the WazirX platform.