WazirX exchange sets sights on mid-May comeback amid legal deliberations

Indian crypto exchange WazirX is preparing to resume operations by mid-May 2025, according to an update shared on April 21.

The exchange confirmed it is on track to relaunch within the previously announced April–May timeframe, pending a final court decision in Singapore.

WazirX revealed that its parent company, Zettai, has completed all preliminary requirements. The final step is a court hearing scheduled for May 13, where the Singapore High Court will decide whether to approve the firm’s restructuring proposal.

This decision is critical to determining whether the exchange can advance its revival strategy. If approved, WazirX plans to distribute recovered funds and reopen its platform within ten business days following the hearing.

The exchange acknowledged that while it aims to stick to its original schedule, legal procedures are beyond its control. The firm noted that a delay in the court ruling could impact the timeline, but WazirX maintains that its team is ready to act swiftly once the green light is given.

WazirX’s restructuring

WazirX CEO Nischal Shetty recently addressed concerns about fund distribution delays. He explained that the exchange awaits the court’s final decision before implementing its recovery plan.

WazirX’s proposal, known as a Scheme of Arrangement, has already secured overwhelming support from creditors, with over 93% voting in favor. The plan aims to avoid liquidation by launching a decentralized exchange (DEX), distributing recovery tokens, and conducting buybacks over time.

Despite strong creditor backing, the proposal hasn’t escaped criticism. Some users argue the plan pressured creditors into compliance due to fears of losing all funds under liquidation. WazirX has claimed that the arrangement could help users recover as much as 80% of their assets.

The platform collapsed in July 2024 after a $230 million exploit linked to North Korean hackers. The stolen funds were quickly moved through crypto mixers, making recovery difficult and leaving many users in limbo.

Since then, WazirX has focused on building a recovery roadmap, with the upcoming court decision marking a significant turning point.