Singapore Court Hearing Postpones Decision on WazirX Hack Compensation
By: bitcoin ethereum news|2025/05/15 15:15:04
0
Share
The victims of the WazirX crypto hack have more pain than resolution. The Singapore High Court held a hearing on May 13, 2025, regarding WazirX’s restructuring efforts following last year’s $230 million crypto hack. Although no final decisions were made, the Court extended the moratorium on claims until June 6 and asked the company to submit further affidavits by May 23. Update from Court Hearing The hearing for SUM 940 took place on 13 May 2025 before the Singapore Court. While no orders were made at this stage, the Court has directed the Company to file a further affidavit(s) by 23 May 2025, and extended the existing moratorium to 6 June... pic.twitter.com/OpyNKhdL5e — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) May 14, 2025 A Further Delay on Cards? The latest update from WazirX has injected cautious optimism into its user base. The restructuring plan, which aims to compensate users affected by the July 2024 hack, is now under court review. According to WazirX, a strong 93.4% of users supported the proposal, which outlines a potential distribution of up to 85% of users’ stolen funds. If approved, the company says distributions could begin within 10 business days. Also Read : U.S.-Registered Xinbi Guarantee Linked to $8.4 Billion in Illegal Activity , The Hack That Shook India’s Crypto Scene In July 2024, WazirX was rocked by one of the largest hacks in Indian crypto history. Around ₹2,000 crore worth of assets (approximately $230 million) vanished overnight, with many pointing fingers at the North Korea-linked Lazarus Group. To contain damage, the exchange froze nearly 55% of users’ holdings and halted all trading activity. The move shattered user confidence, leaving thousands locked out of their funds. The Remaining 15% Still in Limbo While the restructuring plan offers a path forward, concerns remain. The proposal currently covers only 85% of lost assets, with no clear timeline for the remaining 15%. Many users remain frustrated about the platform’s delayed response and the uncertainty that still lingers. Until the next court decision, the wait continues, but for the first time in months, there’s real hope on the horizon. Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. FAQs WazirX was hacked for $230 million, with the Lazarus Group suspected to be behind the cyberattack. The Singapore High Court extended the moratorium to June 6, 2025, requesting further affidavits by May 23. Source: https://coinpedia.org/news/wazirx-news-singapore-court-hearing-postpones-decision-on-wazirx-hack-compensation/
You may also like
How TradeXYZ, xStocks, and Alpaca break down the SpaceX IPO into three different strategies
The value of tokenized products ultimately depends on whether the underlying structure is sound, rather than just the price displayed on the interface.
Why Is BlackRock Investing $5 Billion in the SpaceX IPO?
What is driving the massive demand for the SpaceX IPO, and why did BlackRock place a $5 billion order? Learn how the historic listing could impact SpaceX stock, Bitcoin, SPCX, and crypto markets.
Cryptocurrency market makers collectively seek change as it becomes increasingly difficult to make money
There is more and more to do.
a16z Crypto Partner: Cash flow is the moat
Most companies spend years creating network effects on traditional infrastructure. Crypto founders inherit them as starting conditions.
Citibank releases "2030 Asset Tokenization Market Outlook": 6 major trends may create a $8.2 trillion market
The tokenization of financial assets is moving from pilot projects to large-scale implementation, but this is a gradual evolution rather than a fierce revolution.
The trillion-dollar valuation test: Are the three major super IPOs a celebration for tech stocks or a nightmare for the crypto market?
Tech giants like SpaceX and OpenAI have sparked a $35 trillion super IPO wave. The "suction effect" is not enough to crash the stock and crypto markets, but the test of high valuations is just beginning.
Morning Report | Digital Asset completes $355 million financing led by a16z Crypto; Meta completes operational separation from Manus
Overview of Important Market Events on June 11
Morning News | CME Group launches Nasdaq Cryptocurrency Index futures; Asset management giant Janus Henderson strategically invests in Ethena
Overview of Important Market Events on June 10
Bitcoin Layer 2 Network Botanix: Why Did We Choose to Dissolve?
The Bitcoin L2 star project Botanix announced a gradual shutdown, with the team admitting to facing severe challenges from the failure of its business model and the prevailing trends. Users are urged to withdraw all assets before July 9, 2026.
Why did Oracle deliver the strongest financial report in history, yet its stock price fell?
Oracle's revenue for fiscal year 2026 set a record, with AI cloud orders soaring to $638 billion, but massive capital expenditures on computing power led to negative free cash flow, causing a 5% drop in after-hours stock prices.
When the P2P illicit funds from ten years ago turned into 60,000 bitcoins
The largest Bitcoin money laundering case in the UK has new developments: 16,000 Chinese victims are pursuing 61,000 seized Bitcoins across borders, and the dispute over the applicability of UK and Chinese laws will directly determine whether the victims can share in the soaring profits.
Dialogue with OmenX Founder: Why does the prediction market need an evolution from "spot" to "derivatives"?
How to reconstruct the prediction market using leverage?
Galaxy in-depth report: Is Solana still worth paying attention to?
Solana did not fall behind during the bear market. Trading enthusiasm has waned, but the network is more stable, RWA and stablecoins are expanding, and the capital foundation is much thicker than in the previous cycle. The real question is: when the speculative tide recedes, can perpetuals, predicti...
Young people in South Korea make a "final effort" in the epic bull market
The South Koreans' average of two accounts for wildly gambling in the chip bull market reflects the survival anxiety and harsh reality of countless young people trying to break through class barriers behind the nationwide stock trading frenzy for wealth.
The pricing controversy of Trade.xyz exposes the fatal weakness of Pre-IPO perpetual contracts
SpaceX's equity update has sparked controversy over on-chain liquidations. Trade.xyz refuses to reset the SPCX pricing, and the lack of a Rebase mechanism in Perp DEX has led to a significant trust test for on-chain Pre-IPO assets.
How much longer can Ethereum's last big buyer hold on?
According to Bitmine's current buying pace, the 5% target is expected to be reached next month, and at that time, there may be no further increases in holdings. So, who will fill the buying gap for Ethereum?
World Cup 2026 Coming – WEEX Celebrates with $1M Prize Pool & Michael Owen Live
The 2026 FIFA World Cup is hours away. WEEX unveils the “World Cup x Dice Rush” campaign with a 1,000,000 USDT prize pool. Plus, Michael Owen reunites with WEEX COO for an exclusive pre-match livestream. Join now!
Morning Report | OpenAI has submitted an S-1 registration statement draft to the U.S. SEC; Morpho completes $175 million financing
Overview of Important Market Events on June 9th
How TradeXYZ, xStocks, and Alpaca break down the SpaceX IPO into three different strategies
The value of tokenized products ultimately depends on whether the underlying structure is sound, rather than just the price displayed on the interface.
Why Is BlackRock Investing $5 Billion in the SpaceX IPO?
What is driving the massive demand for the SpaceX IPO, and why did BlackRock place a $5 billion order? Learn how the historic listing could impact SpaceX stock, Bitcoin, SPCX, and crypto markets.
Cryptocurrency market makers collectively seek change as it becomes increasingly difficult to make money
There is more and more to do.
a16z Crypto Partner: Cash flow is the moat
Most companies spend years creating network effects on traditional infrastructure. Crypto founders inherit them as starting conditions.
Citibank releases "2030 Asset Tokenization Market Outlook": 6 major trends may create a $8.2 trillion market
The tokenization of financial assets is moving from pilot projects to large-scale implementation, but this is a gradual evolution rather than a fierce revolution.
The trillion-dollar valuation test: Are the three major super IPOs a celebration for tech stocks or a nightmare for the crypto market?
Tech giants like SpaceX and OpenAI have sparked a $35 trillion super IPO wave. The "suction effect" is not enough to crash the stock and crypto markets, but the test of high valuations is just beginning.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com
