WazirX users have been eagerly awaiting the SUM 940 hearing regarding the massive $230 million hack at the Singapore High Court. Held on May 13, the hearing resulted in the court extending the existing moratorium under OA 1284 until June 6, 2025. Reportedly, this moratorium provides WazirX’s parent company, Zettai, with temporary relief from potential legal actions, allowing them to focus on restructuring and recovering user funds.
Notably, WazirX is one of the largest crypto exchanges in India, which faced a staggering $230 million (₹2000 crores) security breach on July 18, 2024. Following the incident, the platform froze over half of its user funds and suspended trading. This move left users uncertain about the fate of their investments and the potential recovery timeline.
WazirX Hack Hearing: Singapore Court Extends Moratorium
According to an X post shared by WaxirX on April 12, 2025, the Singapore court hearing on the exchange’s recovery plan was scheduled on May 13, 2025. Following the hearing, the exchange informed its users about the key outcomes, including the extension of the moratorium until June 6, 2025.
In an official email addressing users, the company revealed that the court hasn’t made any orders regarding SUM 940. However, the court directed WazirX’s parent company, Zettai, to file further affidavits by May 23, 2025.
Significantly, the WazirX hack underscores the crypto industry’s vulnerability to escalating threats and thefts, emphasizing the need for robust security measures. Recently, German authorities seized $38 million in crypto from eXch, a platform linked to the $1.4 billion Bybit hack.
Since the $230M WaxirX hack, the company has been working on a recovery plan and submitted a restructuring proposal to the Singapore court in early 2025. With overwhelming support from users (93.4%), the exchange had plans to reimburse 85% of the funds based on the amount previously frozen.
While the company decided to distribute funds within 10 days of the court approval, the recent hearing has essentially been a shot in the dark for WazirX users.
It is noteworthy that the WazirX development is unfolding in tandem with the crypto community’s anticipation of the XRP lawsuit settlement. While the XRP lawsuit nears a final verdict, the WazirX case still remains uncertain.
Meanwhile, in an update on the hearing, crypto commentator Pushpendra Singh alleged that the crypto exchange attended the hearing without presenting proper evidence. Now, the court has ordered that they submit the necessary proof, meaning that customers might have to wait a while longer to know how soon they can recover their funds.
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