- WazirX is preparing to resume operations pending a key Singapore court ruling on May 13, following a major hack that disrupted its platform.
- WazirX partners with Zodia and BitGo to enhance asset custody while also planning a decentralized exchange for recovery efforts.
After nearly a year of massive hacking, WazirX is finally starting to resume its steps. The Indian crypto exchange is preparing to resume operations, but everything still depends on one crucial point: the Singapore court鈥檚 decision on May 13, 2025.
The hearing will determine whether WazirX鈥檚 restructuring plan is acceptable, and if so, affected users can hope for a glimmer of hope at the end of this long tunnel.
馃毃JUST IN: WAZIRX TO RESTART OPERATIONS PENDING MAY 13 COURT DECISION AFTER $234M HACK
— BSCN Headlines (@BSCNheadlines) April 22, 2025
Imagine if the platform you use every day suddenly froze because of hackers. That鈥檚 what WazirX users have been experiencing since July last year, when around $235 million disappeared due to a hack allegedly involving the North Korean group Lazarus. They managed to break into multisignature wallets and siphon assets from the exchange鈥檚 hot and cold wallets.
WazirX Strengthens Security With New Custodians
But WazirX is not sitting idly by. In January, CNF reported that a Singapore court had already approved an initial recovery plan. One of the points is token-based compensation that will be given to victims. The company is also actively collaborating across countries to track and recover stolen assets, as well as starting a token buyback program to speed up user refunds.
Furthermore, to ensure the security of the system going forward, WazirX has appointed Zodia Custody as its official custodian partner. Zodia, known as a digital asset storage platform specifically for institutions, will manage user assets and ensure their compliance with applicable regulations.
Not only that, they have also partnered with BitGo Trust Company since March 2025. BitGo is widely known as a regulated custodian provider and has a long track record of keeping funds safe.
Between Community Hopes and Concerns
However, not everything went smoothly. On April 16, the Supreme Court of India dismissed a lawsuit from 54 victims requesting a criminal investigation into WazirX, Binance, and Liminal, the previous custodian provider. The reason for the rejection? Crypto regulations are considered still unclear and it is not the court’s domain to decide, but the government.
Meanwhile, WazirX seems to want to restore its image through a new breakthrough. They plan to launch a DEX platform as part of their restructuring strategy. The DEX is expected to be a safer and more transparent trading alternative, while showing that WazirX is not just looking to rise, but to thrive.
WazirX’s fate is not solely dependent on the decision made on May 13. It will also be a barometer of how prepared the Asian crypto industry is for major shocks鈥攁nd how to learn from them.
