Breaking News: WazirX Exchange Claims Customer Fund Return Set for 3 Feb 2025
WazirX CEO Nischal Shetty has shared a comprehensive timeline for the WazirX restructuring process.
WazirX, a once-popular Indian crypto exchange based in Singapore, faced a hacking incident 3.5 months ago, after which services were suspended. Customer funds, including those deposited after the hack, were frozen.
On 30 Oct 2024, Shetty posted the WazirX timeline on X (formerly Twitter), detailing the planned steps for restructuring. According to the timeline, restructuring and fund distribution are expected to commence on 3 Feb 2025.
The timeline specifies that the final effective restructuring date and fund distribution reopening are slated for February 2025.
However, the WazirX team states that “the timetable provided herein is tentative and may be subject to change. The dates and milestones outlined are estimates and may be adjusted based on evolving circumstances. Additional steps may be incorporated as necessary, and some planned steps may be modified or omitted. Court proceedings and legal requirements may introduce new prerequisites or adjustments to the schedule. Adaptations may be required in response to feedback, legal mandates, or other operational considerations.”
This suggests February 2025 as the earliest expected date for fund returns, though many experts foresee an extension of 4-5 months due to legal proceedings.
As of now, no major Indian crypto influencers have commented on this timeline or any potential misleading dates in WazirX’s restructuring plan.
Now, it will be interesting to see whether WazirX will return the customer’s funds in the bull phase or after the end of the bull phase because the majority of the WazirX customers alleged that they’re going to miss the opportunity of the latest bull run because of WazirX.
