WazirX Hack Victims Outline Fund Recovery Plan

WazirX Hack & Aftermath
On July 18th last year, WazirX suffered a major cyberattack. While the exchange promised to restore 85% of lost funds by May 2025, many users found the compensation plan inadequate and sought intervention.

Source: X (@SujalJethwani)

However, the court, led by Justices B R Gavai and Augustine Masih, rejected the plea due to regulatory gaps in Indian law.

Recovery Plan Underway
WazirX has submitted a restructuring plan to Singaporean authorities, aiming to return most user funds within a year, with the remaining 15% to be recovered over 2 to 3 years. According to WazirX, 93% of users voted in favor of the plan in a poll conducted with legal firm Kroll.
In any case, the situation underscores India’s outdated approach to crypto oversight. As countries like the U.S. move forward with supportive policies, India’s regulatory vacuum puts investors at risk and stalls industry growth.