WazirX Eyes May Relaunch as Restructuring Plan Awaits Final Court Approval

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Ah, WazirX. The tale of a once-thriving crypto exchange now clinging to life, waiting for a final court decision like a long-lost lover hoping for a second chance. The platform, still licking its wounds from a catastrophic hack last July, may just get back on its feet next month—if Singapore’s High Court gives its blessing. And yes, they’ll finally throw a lifeline to those poor souls whose funds vanished in the blink of an eye.

After a grueling nine months of radio silence, WazirX is setting its hopes on a court-approved restructuring plan. This could mean trading and withdrawals could resume within just 10 business days—provided everything goes according to plan and the court feels generous on May 13. Of course, this would mark the beginning of a “phased recovery,” because who doesn’t love slow and steady progress when dealing with millions of dollars?

In an update on April 21, WazirX, or rather its parent company Zettai PTE Ltd, elaborated on how it plans to rise from the ashes of a $234 million hack. The proposal, which has kept many on the edge of their seats (mostly due to financial stress), is all about turning a once-proud exchange into a phoenix-like entity. Fingers crossed for the May hearing! 🤞

But wait—here’s where things get interesting. The company promises that if the court gives a nod, the exchange will start the recovery process with a generous “recovery token” scheme. A token that promises to cover 75% to 80% of users’ account balances… eventually. Like a friend who owes you money but insists on paying you back in installments over three years. Ah, the joys of crypto!

Of course, the recovery plan was not exactly greeted with open arms by users. Who could blame them? Tying their money to the success of a brand-new decentralised exchange didn’t exactly sound like the deal of a lifetime. In fact, when the scheme was first announced in February, many users were up in arms, accusing the team of offering a raw deal. After all, who wants to be told they might have to wait five more years for their compensation? Classic crypto drama. 😏

Yet, against all odds, the plan gained momentum. By March, over 90% of creditors, representing a hefty $195 million in approved claims, voted in favor of the scheme. But hold your applause—54 disgruntled users took their frustration to India’s Supreme Court, hoping to override the plan. Spoiler alert: The court dismissed the case on April 16, deeming it “not the right forum for crypto disputes.” A truly poetic end to the saga.

So there you have it—WazirX’s grand comeback may be just around the corner, or it could all end in another courtroom drama. Stay tuned for the next thrilling episode of ‘Will They, Won’t They’… or more aptly, ‘Will WazirX Survive May 13?’ 📅

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2025-04-22 12:22