WazirX Aims May 2025 Relaunch Pending Singapore Court Decision

Indian crypto exchange WazirX is gearing up to resume operations by mid-May 2025, as indicated in an update released on April 21. The exchange has confirmed that it is on schedule to relaunch within the previously announced April–May timeframe, contingent upon a final court decision in Singapore.

WazirX's parent company, Zettai, has completed all preliminary requirements for the relaunch. The next crucial step is a court hearing set for May 13, where the Singapore High Court will determine whether to approve the firm’s restructuring proposal. This decision will be pivotal in advancing WazirX's revival strategy. If approved, the exchange plans to distribute recovered funds and reopen its platform within ten business days following the hearing.

While WazirX aims to adhere to its original timeline, the exchange acknowledges that legal procedures are beyond its control. Any delay in the court ruling could impact the relaunch schedule. However, WazirX maintains that its team is prepared to act swiftly once the necessary approvals are obtained.

WazirX CEO Nischal Shetty recently addressed concerns about delays in fund distribution. He explained that the exchange is awaiting the court’s final decision before implementing its recovery plan. The proposal, known as a Scheme of Arrangement, has garnered 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 has faced criticism. Some users argue that 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 following a $230 million exploit linked to North Korean hackers. The stolen funds were quickly moved through crypto mixers, complicating recovery efforts and leaving many users in uncertainty. Since then, WazirX has been focused on developing a recovery roadmap, with the upcoming court decision marking a significant milestone in this process.