Wazirx users are awaiting a court hearing on May 13th, when they can unlock frozen hacked funds.
A $230 million Wazirx hack that denounced the North Korean-related Lazaro Group Shock Crypto Community.
Wazirx promises a fund return of 85% if the Singapore court approves its recovery plan this week.
However, the remaining 15% of the stolen funds have no confirmed payment plans or timelines.
After waiting for months and worrying, Wazirx users may finally get some good news. On May 13, 2025, the Singapore High Court will consider a plan to recover the exchange after a massive $230 million hack hacked India’s biggest crypto platform at scale.
If approved, this could be the first real step for the user to retrieve the stolen money.
Wazirx $230 million hack
In July 2024, Wajirux suffered a massive hack that wiped out $230 million overnight with the code. Soon after, many began linking the attacks to the Lazarus Group, a hacking group supported by the North Korean government.
In response, Wazirx has frozen more than half of its users’ funds, affecting about 55% of its total funds, worth around 2,500 crores. Following the hack, the exchange suspends the transaction and users are unsure when or whether they will be able to recover their money without accessing their funds.
Meanwhile, trust was broken and faith in the platform hit the rock bottom.
Submitted Restructuring Plan
The Wazirx restructuring plan, fast forward to May 2025, is currently in the hands of the Singapore High Court. If approved, this could be the first real step towards recovery.
A recent update from Wazirx has 93.4% of users support the plan, showing strong consensus within the community.
If the court approves the proposal for restructuring, Wazirux promises that the user will receive 85% of the funds stolen, calculated based on the holdings at the time of hack. The company expects payments to commence within 10 business days after court approval.
How about 15% of the fund?
For many users, today’s hearing feels like a moment of truth. This decision provides much needed optimism, but the story is not over yet. The remaining 15% of funds still lack a clear recovery timeline, and many users are unhappy with how the situation was managed after the hack.
