Singapore’s High Court has granted formal approval to WazirX’s restructuring plan, marking a pivotal recovery milestone for the cryptocurrency exchange after last year’s devastating $234 million hack. The ruling enables WazirX to resume operations and begin compensating over 150,000 affected users through token-based distributions, following creditor endorsement of the revised proposal.
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CryptoNews Article 
October 13, 2025 | 13:42
October 13, 2025 | 13:42
CryptoNews Article 
October 10, 2025 | 18:41
October 10, 2025 | 18:41
Nischal Shetty
2 posts last week
Bombay High Court Orders WazirX to Secure CoinSwitch Funds
In a landmark ruling that reinforces custodial responsibility in India’s cryptocurrency sector, the Bombay High Court has mandated WazirX operator Zanmai Labs to provide bank guarantees worth Rs 45.38 crores ($5.4 million) to protect CoinSwitch’s claims following a devastating $234 million security breach. Justice Somasekhar Sundaresan rejected Zanmai’s attempts to shift blame to Binance and dismissed proposals to distribute losses across all platform users, affirming that custodians must safeguard customer assets regardless of external circumstances.
read moreSingapore Court Grants WazirX Four-Month Moratorium with Strict Conditions
A Singapore court has granted WazirX a four-month moratorium under strict conditions, including full transparency of wallet addresses and financial records, following a $234 million hack that impacted 45% of its customers. The exchange must submit an affidavit detailing all wallet addresses and respond to user inquiries while ensuring any future voting is conducted on an independent platform. Despite these measures, the likelihood of customers being reimbursed in cryptocurrency appears slim.
read moreTornado Cash Developers Face Legal Challenges Amidst Money Laundering Allegations
Regulators have held developers and holders of the TORN governance token accountable for the use of Tornado Cash in transferring illicit funds. This follows the conviction of developer Alexey Pertsev for money laundering, sparking backlash from the crypto community. Meanwhile, a hacker has moved $33 million in stolen funds from WazirX to Tornado Cash, raising concerns about the platform’s role in laundering activities.
read moreBinance Denies Involvement in WazirX Hack and Clarifies Ownership Status
Binance has issued a statement denying any involvement in the recent $230 million hack of WazirX, asserting it has never owned or operated the platform. The exchange criticized WazirX’s team, particularly Nischal Shetty, for misleading users about their relationship, emphasizing that Zanmai, a company registered in India, is the actual owner. Binance urged accountability from Zanmai for user losses and reiterated that it does not control WazirX or hold any user funds.
read moreWazirX Seeks Moratorium Amid Legal Action Over Stuck Funds
WazirX has filed for a 30-day moratorium with Singapore’s High Court amid a lawsuit from CoinSwitch over $9.7 million in locked funds following a cyber attack that resulted in a $230 million loss. While WazirX allows partial withdrawals of Indian rupees, crypto withdrawals remain paused as the exchange seeks to restructure and address user balances. CoinSwitch claims it has been unable to recover its funds despite ongoing communication efforts.
read moreBitcoin Surges to $65,000, Altcoins Follow Suit, Analysts Weigh In
Bitcoin surged to $65,758, up 3%, driven by increased investor interest following an assassination attempt on US presidential candidate Donald Trump. Ethereum, XRP, and other major altcoins also saw gains of up to 11%. Despite large sell-offs by the German government and Mt. Gox settlements, Bitcoin remained stable, with ETFs attracting over $16 billion in inflows since January.
read moreTop Bitcoin Exchanges in India: A Comprehensive Overview for Global Readers
India has a thriving cryptocurrency market, with several exchanges offering services for buying and selling Bitcoin. WazirX, CoinDCX, BuyUcoin, Unocoin, and Bitbns are considered the top exchanges in the country, each with its own unique features and fees. These platforms provide opportunities for trading, learning, and secure transactions, catering to both beginners and experienced traders.
read moreCrypto Start-Ups Diversifying into Financial Services Amid Regulatory Uncertainty
Cryptocurrency exchanges are facing challenges after a significant drop in trading volumes following the announcement of the TDS. To counter this, some exchanges are diversifying into other financial services such as stockbroking and mutual funds. Regulatory uncertainty and compliance requirements continue to pose challenges for crypto startups looking to expand into regulated financial services.
read moreWazirX’s $WZX Coin: Market Analysis and Price Prediction Insights
Wazirx, an Indian cryptocurrency exchange founded in 2018 by Nischal Shetty, has its native coin $WZX. The coin, based on the Ethereum and Binance chains, was valued at $1.27 at the time of writing, up from $0.065 at the start of 2021, with a market capitalization of 15 million dollars.After being acquired by Binance, $WZX’s price reached an all-time high of $4 and a market cap of 1 billion dollars. However, due to negative news and a crypto ban, it couldn’t sustain its peak, and its current market cap is around 400 million dollars.With the Indian cryptocurrency market yet to grow due to fear of online money investment, Wazirx has a significant opportunity to expand its customer base as regulations come into place. The $WZX coin’s price has seen an 86.81% increase after breaking out of a descending triangle pattern on the daily time frame.
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