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- Court delays decision on WazirX’s payout plan, extending moratorium until June 6, 2025.
- 93.4% of users support WazirX’s plan to recover 85% of stolen funds from 2024 hack.
- Victims remain in limbo as no timeline exists for recovering the remaining 15% of crypto assets.
The Singapore High Court has extended the moratorium on claims against WazirX until June 6, 2025. After a hearing on May 13, the opportunity to restructure was discussed. In July 2024, WazirX got hacked and lost about ₹2,000 crore worth of assets. The Lazarus Group, a North Korean group, was thought to be behind the breach.
As a result, 55% of the users’ assets were blocked, and trading stopped, which caused public anger and a lack of trust. Many users are still unable to access their accounts.
It has proposed paying back around 85% of what was taken. On WazirX, 93.4% of those affected supported the proposal. If the plan is approved, distributions by the company could take place within 10 business days. Still, the courts have yet to give their final approval.
The Court has instructed WazirX to provide another set of affidavits by May 23 before reaching a decision. This means that victims will be waiting for compensation even longer.
The 15% of stolen funds not involved in the current plan are left out. Someone’s recovery may take several months or years before they are clear.
Uncertainty Grows as Users Demand Clarity
Although the plan has widespread support, the fact that approval is not final yet has caused more debates. People are concerned that recovery may take a long time.
It maintains that this is the best option. Even so, users keep saying the coverage is incomplete and lacks transparency.
After the sudden freeze and slow action, a poor impression of the company spread, and users still lacked trust.
Courts are paying more attention as they consider the submissions to be done. A decision is needed for partial payouts to start.
In the meantime, the users whose assets were stolen are still uncertain about getting their assets back. The marriage hangs on whether the partners trust each other.
Users of WazirX have been left waiting for justice for a more extended period because of the Court’s delay. Successful compensation has not been ensured, pending the results of further legal actions.
Also Read: Florida Teens Kidnap Crypto Investor, Steal $4M in Shocking Heist Across States
