Victims of last year’s high-profile WazirX hack will have to wait even longer for compensation after the Singapore High Court postponed its decision on the cryptocurrency exchange’s proposed repayment plan. WazirX had recently completed a creditor vote on its restructuring scheme, aimed at reimbursing users who lost assets during the July 2024 security breach. The proposal received strong support, with 93% of voters approving it.
After the vote, WazirX and its Singapore-based parent company, Zettai, reported the results to the court and sought approval to begin issuing tradeable recovery tokens (RTs) to creditors. However, the court adjourned the hearing and requested additional documentation before it can issue a final ruling.
This latest delay has caused frustration among WazirX creditors, many of whom expressed their anger on social media after the company announced the news on X (formerly Twitter). One user questioned, “If you want to refund the money… why is court permission required? If you don’t want to refund… why are you going round and round?” Others accused the exchange of stalling and criticized the decision to disable comments on the announcement.
WazirX responded by saying it is “doing everything we can to make this possible under an effective scheme.” Meanwhile, the exchange remains under a court-ordered moratorium that protects it from new legal claims by creditors until at least June 6, the date of the next hearing.
Zettai initially applied for the moratorium in August 2024 to manage the repercussions of the hack. The July 2024 attack, which the company attributed to North Korean hackers, resulted in $230 million being stolen from a multi-signature wallet managed by Liminal Custody. Despite efforts such as a white hat bounty program, the stolen funds have yet to be recovered.
As of last month, over 141,000 creditors had submitted claims totaling nearly $195 million. WazirX had promised to distribute RT tokens within seven working days after court approval, but with the current hold-up, thousands of customers remain in uncertainty.
