The eagerly awaited May 13, 2025, court hearing for WazirX’s restructuring saw an unexpected development, with the Singapore High Court requesting additional information from the company. This development introduces a short delay in the platform’s anticipated relaunch and user payouts. However, legal experts and those closely following the process remain optimistic, calling it a routine part of court-supervised restructuring.
The restructuring, which began after a massive $230 million cyberattack in July 2024, has been one of the most closely watched events in the Indian crypto ecosystem. WazirX’s path to recovery has centered around a legally binding Scheme of Arrangement filed under Singapore’s Companies Act. While the user-led voting process concluded successfully earlier this year with overwhelming creditor support, the Scheme’s implementation is subject to final court approval.
During the May 13 hearing, the Court directed the company to submit further affidavits and documentation instead of a final ruling by May 23, 2025. Only after evaluating these submissions will the Court make its final decision regarding the Scheme’s sanction. As of now, there is no new hearing date scheduled, but the High Court has extended the moratorium on creditor claims until June 6, 2025.
Although the brief delay may come as a disappointment to some users who had hoped for immediate resolution, the overall direction of the case remains positive. Industry observers point out that this request for more information is standard in complex legal proceedings, especially when dealing with high-value assets and multiple creditors.
WazirX has maintained transparency throughout the process, submitting financial details, outlining the distribution mechanism of Net Liquid Platform Assets (NLPA), and offering Recovery Tokens (RTs) for longer-term gains. The Scheme proposes an initial distribution of 85% of user portfolios (as of July 18, 2024), with subsequent payouts based on asset recoveries and platform profits.
Despite the temporary pause, many believe WazirX is poised for one of the most efficient crypto exchange comebacks in recent history. The final hurdle now lies in the Court’s hands, and should the Scheme be sanctioned, the platform will resume operations in strict alignment with its terms.
For users awaiting their assets, the message remains clear: patience is key. After enduring nine months of uncertainty following the attack, waiting a few more weeks for a legally sound and secure resolution is a reasonable trade-off. The integrity of the court process ensures that users will receive payouts under a framework that has been thoroughly vetted for fairness and feasibility.
WazirX’s journey has been marked by resilience and user-centric action. With legal clarity and structured repayments on the horizon, the crypto community continues to watch closely, hoping this delay is merely the calm before a much-anticipated restart.
