WazirX, facing a significant $234 million hack in July 2024, is preparing for a crucial court hearing on May 13th. This hearing will determine the fate of WazirX’s restructuring plan and potential payouts to affected users. If approved, operations could restart within 10 business days, but market stability remains contingent upon this decision. The hack has severely impacted WazirX’s user assets, halting withdrawals and affecting a significant portion of their funds (45%). WazirX is seeking court approval for its recovery plan, including the use of Recovery Tokens. This event echoes past challenges with asset recovery from breaches like Mt. Gox, where lengthy legal processes often ensued. A successful outcome for WazirX’s case could provide crucial precedent and foster a more robust regulatory framework within the cryptocurrency industry. While WazirX is dedicated to adhering to the court proceedings, they have also outlined their commitment to a timely restart of operations once the plan receives judicial approval.