WazirX Users to Receive Partial Refunds, Court Review of Repayment Proposal Ongoing

Users affected by the 2023 WazirX data breach may soon receive some partial compensation for their losses. The Singapore High Court has reviewed a new repayment proposal from WazirX following the rejection of the initial plan. The court granted additional time for the company to revise its proposal, and the outcome is expected within days. WazirX’s previous compensation strategy faced scrutiny due to its lack of clarity and structure regarding potential returns. The revised proposal will only offer partial refunds, with the exact amount and method yet undisclosed. Users accepting this payout may waive their rights to future legal action. This move has raised concerns among impacted users who are eager for a clearer understanding of their financial recovery path. Meanwhile, WazirX’s recent restructuring efforts, including a rebranding as Zensui and a relocation from Singapore to Panama, have added further complexities and fueled customer mistrust. The company claims that this relocation is crucial for its survival in light of the financial setbacks. Legal observers closely await the court’s decision on the new proposal to determine WazirX’s future plans and whether the partial refunds will proceed as originally envisioned.