Crypto Platform WazirX To Continue Withdrawals By Mid-April 2025

Cryptocurrency exchange WazirX is expected to completely restart crypto withdrawals on its website by mid-April 2025, — than nine months after a virus wiped out about $230 million from one of its wallets.

On December 6, WazirX company Zettai filed an application with the Singapore court requesting permission to hold a shareholders’ meeting to vote on the proposed scheme of arrangement as part of its restructuring plans to compensate its consumers.

The Singapore court has now scheduled a hearing for this application on January 22, 2025, according to a business statement.

Related: Post WazirX’s Crypto Theft, CoinDCX Rolls Out 50 Cr to Protect Investors

Under the proposed scheme, WazirX intends to compensate affected customers by rebalancing and distributing net liquid assets on the network, sharing earnings from a hypothetical new decentralized exchange, and pursuing the recovery of illiquid assets on the platform.

As of December 5, 2024, WazirX had $565.7 million in digital assets. Users have filed claims for approximately $546 million against the corporation.

Once WazirX receives judicial and shareholder permission, the exchange will begin distributing liquid assets on the platform within 10 days of the scheme’s implementation.

WazirX also stated that it will share a portion of the net earnings created by its new firm, as well as recovered stolen funds and illiquid platform assets, over the next three years.

In what is perhaps India’s largest crypto theft to date, WazirX suffered a cyberattack in July, resulting in the loss of more than $230 million in crypto assets, or 45% of the exchange’s total reserves.

In order to limit further damage, WazirX halted operations and suspended withdrawals from the platform. Although the prohibition on INR withdrawals was partially lifted in August, WazirX consumers have yet to fully retrieve their stolen assets, more than five months after the incident.

In October, WazirX personnel were questioned by government agencies including the Financial Intelligence Unit, the Intelligence Bureau, and the Indian Computer Emergency Response Team (CERT-In) in connection with the $230 million cryptocurrency crime.

Last month, the Delhi Police detained a guy from West Bengal in connection with the WazirX hack case, alleging that he created a bogus WazirX account to aid an attack on the platform.