WazirX Hack Claim under Scrutiny: Is the Confirmed Report Authentic?
The Singapore High Court has granted WazirX an extension to present further arguments regarding its restructuring plan, with the next hearing scheduled for July 15, 2025. This extension comes as the court continues to review the case surrounding the disappearance of over ₹2,000 crore worth of digital assets from WazirX in July 2024.
A significant development in the legal dispute over frozen user funds is the affidavit filed by Romy Johnson, a verified WazirX user. In the affidavit, Johnson argues that Zettai, the Singapore entity managing WazirX, bundled all user assets, including those not affected by the hack, into a single pool, resulting in the freezing of even unhacked crypto and fiat balances of users. This affidavit could be a turning point in defending crypto user rights, as it challenges the legality of Zettai’s actions in freezing user assets indiscriminately.
Johnson's affidavit may impact the court’s view on the rightful access and return of user funds, potentially strengthening users' claims to recover their unaffected balances and ensuring fair treatment in the restructuring process. Johnson categorizes WazirX users into three categories: Category A (crypto that wasn't hacked), Category B (fiat or INR), and Category C (hacked ETH/ERC-20 tokens worth over $234M). Johnson demands the immediate return of unhacked tokens, full disclosure of all wallet flows, a proper audit of custodian Liminal's role, a freeze on all internal and offshore transfers, and the names of everyone who held the multi-sig keys.
Twitter user Amol Jagde argues that Johnson's affidavit could delay the court hearing and leave 45% of users waiting longer, whose funds were hacked. However, Twitter user Toofaan Army supports Romy's stance, stating that users who rejected or didn't vote retain full ownership of their unhacked tokens under Singapore law.
In terms of the court proceedings, WazirX has been granted permission to present further arguments regarding its restructuring plan, and the moratorium protecting the company from creditor claims has been extended until these arguments are resolved. User repayments have not yet begun, and withdrawals remain largely restricted for affected users, pending further court directions.
As the case continues, users and WazirX await more concrete updates following the July hearing. The outcome of the final court hearing, scheduled for July 17, 2025, could decide the future of WazirX's users and how crypto custodians treat user assets during a crisis.
References: [1] The Economic Times, "WazirX restructuring hearing rescheduled to July 15 by Singapore court", June 24, 2025. [2] Jurisdictional Review, "B2C2 v Quoine [2019]", accessed June 26, 2025. [3] The Straits Times, "WazirX crypto exchange hack case: Court grants WazirX permission to present further arguments", June 24, 2025. [4] CoinDesk, "WazirX Crypto Exchange Hack Case: Romy Johnson's Affidavit Challenges Zettai’s Actions", June 25, 2025.
Despite Romy Johnson's affidavit potentially delaying the court hearing, it could also significantly impact the outcome of the WazirX case, shedding light on the legality of frozen user assets in the finance sector. Johnson's demands for the return of unaffected funds, a proper audit, and freeze on transfers could shape the future treatment of user assets in business and specific cases of crime and justice, particularly within the realm of blockchain and digital assets.
