WazirX promises partial refunds to users
WazirX promised that after the approval, users will get 85% of their stolen funds. The calculation will be done based on the holdings during the hack.
However, despite the promise, the left 15% of funds still doesn’t have a clear time of recovery. A wave of excitement and fear at the same time can be witnessed in the users of WazirX as the Singapore High Court is going to review the recovery plan of the exchange on May 13, 2025. If the plan is approved, this move will be the first actual step toward users having their stolen funds back after around one year of the $230 million hack. After this massive hack of India’s biggest crypto platform, the industry was in shock.
In July 2024, the platform faced a massive hack of $230 million, estimated at around ₹2000 crore in a night. Many market members doubted that the group behind this hack is the Lazarus Group, a group of hackers hailing from North Korea. As a measure, WazirX chose to freeze more than half of its users’ funds, impacting nearly 55% of the total funds, totaling around ₹2,500 crore. The platform also put a stop to trading that resulted in users having no access to their funds.
Also, the users were not sure about when or if they would be eligible to get access to their funds. At the same time, the trust for this platform was broken, and the faith hit the point where things could not get any worse.
Users Await Court’s Decision as Platform Promises Partial Refunds
Now, everything depends on the Singapore High Court. If the restructuring plan gets approved, then it will be one step forward toward recovering the funds. The latest WazirX update reveals that about 93.4% of users backed the plan and showed a strong consensus within the community.
WazirX has also promised that after the approval, users will get 85% of their stolen funds. The calculation will be done based on the holdings during the hack. The platform has also speculated that the recovery could start within 10 business days after the approval of the court.
However, despite the promise, the left 15% of funds still doesn’t have a clear time of recovery, and a lot of users are still unsatisfied with the management of the situation.