30 After months of silence and speculation, WazirX, once India’s leading cryptocurrency exchange, might be gearing up for a comeback. The big day? May 13, when a crucial hearing is scheduled in a Singapore court that could shape the platform’s future.Why is this Court Hearing so Important for WazirX?WazirX’s parent company, Zettai, has been involved in restructuring proceedings after a cyberattack—allegedly launched by North Korean hackers in 2023—led to the loss of nearly 45% of user assets. Since then, user withdrawals have been frozen, and operations halted. The May 13 court date will determine the fate of Zettai’s restructuring and compensation plan, which already has a massive 93.1% approval rate from creditors. If the court gives the green light, WazirX could resume services and initiate phased repayments to its users.The Backstory: How Did WazirX Get Here?In mid-2023, WazirX was hit by a sophisticated cyberattack, reportedly tied to North Korean hacking entities. The breach not only caused significant financial loss but also led to a trust deficit in the platform. Regulatory pressure and user backlash followed swiftly. Zettai then initiated a court-led restructuring process in Singapore, hoping to salvage the situation and repay users.Read more: Financial Fusion | bitcoin mining | Paul Atkins Appointed SEC ChairWhat’s in the Restructuring Plan?Asset Compensation: A phased compensation strategy to return frozen assets.Platform Reboot: Gradual reactivation of WazirX’s trading features.Increased Security: Implementation of new cybersecurity protocols post-attack.Investor Confidence: A structured plan to regain user trust and regulatory compliance. What’s Next for Users?If the Singapore court approves the restructuring:Expect phased withdrawals and asset recovery.A fresh KYC and security verification process might be introduced.WazirX could relaunch with updated policies, focusing on compliance and safety.The Bigger Picture: Is This a Turning Point for Indian Crypto?WazirX’s revival could signal a new era of accountability and restructuring in India’s crypto space. With investor protection under global scrutiny, such cases underline the importance of transparent governance and international cooperation in the digital asset world. The crypto world will be watching closely on May 13. If WazirX bounces back successfully, it could set a precedent for how crypto platforms recover from major setbacks. Until then, users and investors should stay informed, cautious, and ready to take action once more clarity emerges from the court’s decision.
