WazirX, the Indian crypto exchange that suffered a $234 million hack in July, says it is on track to restart operations. This restart depends on a court decision, expected on May 13, regarding their restructuring proposal and user compensation plan.

The company announced on Monday that its parent company, Zettai, has completed all necessary steps leading up to a May 13 sanction hearing at the Singapore High Court, where Zettai is based.

The court will decide whether to approve the company’s restructuring and user compensation scheme.“While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process,” he said in a statement on X.

Moreover, in mid-July 2024, an attack attributed to North Korean hackers resulted in the company losing $234 million in cryptocurrency from a Safe Multisig wallet, forcing it to temporarily pause all crypto and Indian rupee withdrawals on the platform.

On April 7, more than 90% of the voting creditors voted in favor of the platform’s post-hack restructuring plan, which involved the issuance of recovery tokens.

He warned that repayments from the $235 million hack could be delayed until 2030 if creditors didn’t approve its proposed restructuring plan.

Court Dismisses WazirX Users’ Petition.

The Supreme Court of India dismissed a petition filed by 54 victims of the hack, who had sought legal action against WazirX, Shetty, Binance, and their custody provider, Liminal. Petitioners also asked the court to audit WazirX’s accounts.

Justices B.R. Gavai and Augustine Masih rejected the petition, stating that the court lacked the authority to rule on the case because it was a matter of crypto policy.

Gavai and Masih advised the petitioners to approach a regulatory body or other relevant authority to hear the matter instead.

Additionally, after the hack in July 2024 CoinSwitch allegedly accused WazirX of transferring $75 million worth of crypto assets to two major exchanges without informing users.

The accusations arose after Coinswitch CEO, Singhal claimed they discovered that the company had moved a large amount of crypto to several major exchanges while his team was going through the provided data, in the aftermath of the hacking incident.