"Singapore High Court Extends WazirX Moratorium, Disheartened Hacking Victims Await Justice"

# Singapore High Court Delays WazirX Restructuring and Compensation Verdict Again The Singapore High Court has yet again delayed its decision on the restructuring and compensation plan for WazirX, India's premier digital asset exchange. CoinPedia reported on May 15 that the court has mandated WazirX to file additional affidavits by May 23, 2025. Additionally, the current moratorium, which prevents creditor claims, has been extended to June 6, 2025. Consequently, compensation for hacking victims and the payout timeline remain uncertain. Users who have been waiting for fund returns for several months now have to wait until early June at the earliest. On May 14, WazirX updated via Twitter that the hearing for SUM 940—pertaining to the company’s restructuring and compensation—occurred on May 13 before the Singapore Court. However, no definite orders were issued, and the need for additional affidavits might further delay the process. # Consequences of a $252 Million Hack The ongoing court proceedings result from a significant hack in July 2024, when WazirX incurred losses of approximately 200 billion Indian rupees (around $252 million). The attack was linked to North Korean hacking group Lazarus, which allegedly stole 45% of the exchange’s total digital assets. Following the hack, WazirX froze 55% of user assets and halted all trading activities, preventing many users from withdrawing their funds. In response, WazirX developed and submitted a restructuring plan to the Singapore High Court, proposing to compensate up to 85% of the stolen assets for affected users. A vast majority—93.4%—of WazirX’s user base supported the plan. WazirX indicated that it plans to begin distributing compensation within 10 business days upon court approval. However, the court's ongoing delays have further muddied the compensation timeline. # Continued Uncertainty and User Discontent Although the restructuring plan seeks to reimburse 85% of the stolen assets, the future of the remaining 15% is undetermined, with no detailed recovery or compensation strategy in sight. This ambiguity has sparked increasing dissatisfaction among some victims, frustrated by WazirX's slow response and the prolonged compensation wait. Currently, thousands of users remain in a state of uncertainty, their financial recovery dependent on the eventual court decision. The prolonged timeline has exacerbated the stress for those eager to access their frozen funds.