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Indian crypto exchange WazirX, which was hacked for $234 million last July, says it is on track to restart its operations pending a May 13 court decision on its restructuring proposal and user compensation plan. 

If Singapore’s High Court gives the nod, WazirX parent company Zettai PTE Ltd can restart the exchange and begin its compensation scheme for affected users within 10 business days, WazirX said in an April 21 update to X.

WazirX lost $234 million of crypto from a Safe Multisig wallet mid-July 2024 in an attack since attributed to North Korean hackers, forcing them to temporarily pause all crypto and Indian rupee withdrawals on the platform.

“Zettai has completed all prior required steps, and the next key step is the sanction hearing, which the Singapore High Court has scheduled for May 13, 2025,” the firm said.

“This hearing is essential for the Scheme to become legally effective. While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process.”

On April 7, more than 90% of the voting creditors voted in favor of the platform’s post-hack restructuring plan, which involved the issuance of recovery tokens.

The tokens would be repurchased using net profits from the exchange and could yield 75% to 80% of users’ account balances at the time of the cyberattack.

WazirX had warned that repayments from the $235 million hack could be delayed until 2030 if creditors didn’t approve its proposed restructuring plan. 

Singapore’s High Court gave Zettai permission to convene a creditors’ meeting to propose a possible remedy for users and a plan to get the exchange back online in January.

Related: Bybit CEO: Two-thirds of Lazarus-hacked funds remain traceable

“We understand the eagerness around the platform restart and truly appreciate your continued patience,” WazirX said.

“Since the beginning, we have communicated that the first distribution and restart would occur within the April-May 2025 window.”

Supreme Court of India dismisses WazirX users petition 

A separate April 16 court judgment from the Supreme Court of India dismissed a petition filed by 54 victims of the hack, who sought legal action against WazirX, Shetty, Binance and custody provider Liminal. Petitioners also asked the court to audit WazirX’s accounts.  

Justices B.R. Gavai and Augustine Masih rejected the petition, saying the court could not rule on the case because it was a matter of crypto policy, which the court doesn’t have the authority to rule on. 

Gavai and Masih advised the petitioners to approach a regulatory body or other relevant authority to hear the matter instead.

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Key takeaways

• Staking Solana allows you to earn passive income through staking rewards while participating in network governance.

• There is no minimum requirement for staking Solana, but the practical minimum is around 0.01 SOL.

• All you need to start staking Solana is a SOL-compatible wallet.

• Staking is considered one of the safer ways to participate in crypto ecosystems.

Solana is a blockchain network known for its fast transaction speeds and extensive ecosystem of decentralized applications (DApps). It also combines the proof-of-stake (PoS) and proof-of-history (PoH) consensus mechanisms, allowing you to stake its native currency, SOL (SOL), to earn rewards. 

This Solana staking guide walks you through the Solana staking process and explains why staking could be a smart move, especially if you’ve been wondering how to earn passive income with SOL.

What is Solana staking?

Solana staking consists of locking SOL into a cryptocurrency wallet. The process rewards you in the following ways:

• Staking rewards: You earn rewards for staking SOL — a percentage based on how much you’ve staked, Solana’s current inflation rate (which fluctuates and is set to decrease every year), the total amount of SOL staked on the network, and how long you’ve been staking overall.

• Governance: Staking gives you a say in governance, allowing you to vote on proposals that shape the Solana network. This approach prioritizes those with the largest investments, assuming they’ll act in the network’s best interest.

• Network security: Staking increases security to create a stable investment environment. By staking, you’re directly contributing to Solana’s health and longevity. That said, if a few wallets stake large amounts, one could argue they’re centralizing the network.

If you earn rewards staking SOL, they’re paid out every two days — a period known as an epoch. 

When staking SOL, you’re delegating funds to a Solana representative (a validator.) Validators process transactions, produce blocks, and vote on network proposals. It’s essential to choose a validator that aligns with your vision for Solana, as they’ll be voting in your stead, much like an elected official in traditional governments.

Validator votes are stake-weighted. The more stake a validator has, the more weight their vote carries. 

• Solana validator vs. delegator: By delegating funds to a validator, you become a delegator. The validator’s job is to vote in the network’s best interest. It’s your job to choose reputable validators that keep the network safe. 

Did you know? Solana is one of the fastest blockchains in terms of transactions per second (TPS). It currently averages around 1,128 TPS, with a theoretical max of 65,000 TPS. 

Staking Solana for beginners

There are a few things to consider as you prepare to stake Solana.

Understanding staking methods

On the surface, staking is quite simple; however, there are actually two staking methods — each affects your SOL liquidity.

• Liquid staking: Earn rewards while retaining control of your SOL’s liquidity. When you liquid stake, you receive liquid staking tokens (LSTs) equivalent to the amount of SOL you stake. You can use those LSTs in Solana’s decentralized finance (DeFi) applications as you would if you weren’t staking funds.

• Native staking: Native staking is the original method that locks your funds away, allowing you to earn rewards and participate in governance. However, you cannot use your funds without pulling them out via the unstaking process. This process is beginner-friendly but limits what you can do with your SOL.

The difference between the two is flexibility. Native staking is less flexible but easier for beginners, while liquid staking retains your liquidity for use in DeFi and other applications.

Solana staking tax 2025

In the United States, Solana staking rewards are subject to income and capital gains tax.

• Income tax: You’re required to pay income tax on the value of SOL at the moment you unstake it. You also pay income tax on staking rewards when you gain the ability to withdraw them.

• Capital gains tax: You’re required to pay capital gains tax once you sell or convert that SOL.

How to stake Solana

Now, let’s get into the Solana staking tutorial. 

Choose a Solana wallet

First, you need a wallet to store and stake your SOL. 

Most Solana wallets have built-in staking capabilities. This guide uses the Phantom Wallet for demonstration purposes.

Download Phantom Wallet from its official website by clicking the “Download” button.

Next, click “Create a new wallet.”

You’ll be asked to continue with an email or a seed phrase wallet. Click “Create a seed phrase wallet.”

Enter a password, and proceed to the recovery phrase screen. Write down your recovery seed phrase on piece of paper, check the confirmation box, and click “Continue.”

Create a username, click “Continue,” and you’ll have created a Solana wallet. 

Fund the wallet

Fund Phantom with SOL by either transferring SOL from another wallet or buying it with a debit/credit card via the “Buy” button.

Phantom partners with companies such as Robinhood or Topper to facilitate card payments, allowing you to buy from within the wallet interface.

After funding your wallet, it’s time to start staking.

Stake your Solana

Open your token list and click on “Solana.”

Select “Start earning SOL.”

Now, choose between “Liquid Staking” or “Native Staking.”

Liquid staking is typically done via a third-party provider. Phantom integrates with Jito’s liquid staking platform, enabling you to receive JitoSOL LSTs when you liquid stake.

If you choose to liquid stake, Phantom will detail your estimated annual percentage yield (APY) and how much JitoSOL you’ll receive in return for staking.

JitoSOL will appear in your token list.

JitoSOL will appear in your token list.

If you choose native staking, you must commit to a validator. Phantom will list validators in order of how much SOL is staked to them and their estimated APY.

Select a validator, enter how much SOL you’d like to stake, and click “Stake.” The network will create your staking account, and you’ll start earning rewards in a few days.

Congratulations, you’re successfully staking SOL.

Did you know? Validators who act out of turn or experience significant downtime will have their rewards slashed, also reducing the rewards of those who stake with the validator. 

How to unstake Solana

Whether you choose liquid or native staking, here’s how to unstake your funds. You might unstake if:

• You want to convert SOL: If you want to swap or sell your SOL, you must unstake the funds first.

• You want to stake elsewhere: If another network catches your eye, you’ll have to unstake your Solana funds to transfer them for staking on another network.

• Validators act up: If your validator acts outside the network’s best interest, you may want to unstake and delegate to another validator.

Unstake natively staked tokens

To unstake natively staked tokens, click on “Solana” in your token list.

Next, click on “Your stake.”

Select the validator you want to unstake from and click “Unstake.” Then, select “Withdraw Stake” to pull the funds back into your wallet. The validator will show “Inactive” once you’ve unstaked.

Unstake LSTs

To unstake your LSTs, select them in your token list.

Click “More” in the options list, then select “Unstake.”

If you’re using Jito as your LST provider, clicking unstake will take you to Jito’s platform. Here, you have two options: unstake immediately or delayed unstaking.

• Unstake immediately: Immediate unstaking costs a small fee, based on the amount you are unstaking. You can pay additional fees to prioritize your transaction or tip validators. Finally, you can adjust your slippage tolerance.

• Delayed unstaking: Delayed unstaking can range from one day to a week, depending on network congestion, but you pay a much lower fee. You also don’t have to account for slippage, as the network won’t prioritize your transaction.

Choose whichever option works best for you, and click “Unstake SOL.” The funds will appear in your wallet.

Did you know? You can stake Solana with as little as 0.01 SOL, making it one of the most accessible PoS blockchain networks.

Is Solana wallet staking safe?

Staking Solana is relatively safe, but even if you know how Solana staking works, there are risks to be aware of:

• Market volatility: Solana is subject to market volatility as much as any other cryptocurrency. The value of your staked SOL can fluctuate based on market conditions.

• Validator behavior: Validators can act out of favor with the network and may experience “slashing.” Slashing penalizes the validator’s rewards, which affects your rewards as well. Your initial investment remains safe, however.

• Cyberthreats: Blockchain networks are exposed to bad actors 24/7, meaning they can be vulnerable to hacks at any time, putting your funds at risk.

• Past downtime: Solana has had various outages over the years, often due to congestion. While this doesn’t necessarily mean your funds are at risk, bad actors could target the network during its weak moments.

So, while staking on Solana offers potential rewards, it’s important to understand that staking always carries risk. As with any investment, there’s a possibility of loss, so it’s crucial to evaluate your risk tolerance and take necessary precautions.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Mantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an attempt to restore the token’s value by tightening supply. 

Mantra announced on April 21 that the unstaking process had begun, and would be completed by April 29, at which point Mullin’s Mantra (OM) tokens will be sent to the burn address and permanently removed from circulating supply.

Mullin said it was a “first step in rebuilding trust with the community, but far from the last.” 

Mantra said it was also in talks with “key ecosystem partners” about burning a further 150 million OM to bring the total burn amount to 300 million.

With 150 million fewer OM, Mantra’s total supply will decline to 1.67 billion, and its number of staked tokens will drop by over 26% from 571.8 million OM to 421.8 million OM. 

Returns will also be boosted: “This strategic burn will lower the bonded ratio from 31.47% to 25.30%, resulting in an increase in staking APR,” Mantra said.

Token burn initiative follows OM price collapse

Two days after Mantra’s rapid 90% price collapse on April 13, Mullins posted to X that he intended to burn all of the staked tokens he was allocated at the blockchain’s mainnet genesis in October. These vested “team tokens” were due to be unlocked starting in 2027.

He also ran a poll on X about the proposed burn of his tokens, with alternate options such as extended vesting or unlocking tokens at milestones — as a “temperature check of people’s thoughts.”

The poll had attracted almost 9,000 votes at the time of writing, and a number of commenters criticized it as an attempt to reverse course on the burn commitment. 

The burn is connected to an “OM Token support plan” Mantra announced following the price crash, which will also feature a token buyback. Mullin said the buyback program was also “well underway.”

Related: How Mantra’s OM token collapsed in 24 hours of chaos

Mantra also released a tokenomics dashboard to increase transparency as it seeks to regain the trust of the community. 

At the time of writing, the OM price remains down around 90% from its value of $6.30 earlier in April, trading at below $0.55.

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A governance token for the Reserve Protocol stablecoin, launched by a firm previously advised by sworn-in SEC Chair Paul Atkins, has surged over 13% after crypto exchange Coinbase announced that it will list the token. 

Atkins was an early adviser for the stablecoin firm around the time it launched in 2019, according to Reserve Protocol’s CEO Nevin Freeman. He is no longer consulting at the firm.

The Reserve Rights (RSR) token is the governance token aimed at ensuring the stability of the Reserve Protocol’s stablecoin, Reserve Dollar (RSV). 

In an April 21 X post, Coinbase said it would list the RSR token on the Ethereum layer-2 network Base on April 22 at 9 am Pacific Time (4 pm UTC).

Atkins news bumps up RSR’s price even further

The Coinbase listing, combined with the news of Atkins officially being sworn in as SEC chair on April 21, pushed the token up 13.6% to a near two-month high of $0.00835 on April 22, CoinGecko data shows.

Prior to Atkins being sworn in, RSR had already risen double digits to around $0.0081.

It is currently the 143rd largest coin by market capitalization at $464 million.

Atkins said he will be focused on ensuring the US is the “best and most secure place in the world to invest and do business,” while ensuring sufficient consumer protection measures are in place.

It comes two weeks after the Senate confirmed Atkins as SEC chair in a 52-44 vote on April 9. 

Related: Crypto in a bear market, rebound likely in Q3 — Coinbase

Atkins takes over from Mark Uyeda, who has been the SEC’s acting chair since Jan. 20, when former chair Gary Gensler stepped down.

Since US President Donald Trump returned to office, the SEC created a Crypto Task Force to consult with the industry on regulation and dropped several crypto-related investigations and enforcement actions undertaken by the Gensler-led SEC.

Atkins is expected to take a more crypto-friendly approach, telling a Senate confirmation hearing in March that a priority of his at the SEC would be to provide a firm regulatory foundation for crypto assets through a “rational, coherent and principled approach.”

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Update: April 22 at 12:35am UTC: This story has been updated to include more details of Paul Atkins being sworn in as the SEC’s chair.

Paul Atkins has officially been sworn in as the 34th chairman of the US Securities and Exchange Commission.

The April 21 announcement comes nearly two weeks after Atkins’ position was confirmed by the US Senate in a 52-44 vote on April 9.

“I am honored by the trust and confidence President Trump and the Senate have placed in me to lead the SEC,” said Atkins, who served as an SEC commissioner between 2002 and 2008.

“As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors.”

”Together we will work to ensure that the U.S. is the best and most secure place in the world to invest and do business.”

Atkins is widely expected to lead a more crypto-friendly SEC than former chair Gary Gensler under the Biden administration.

His confirmation was reportedly delayed due to several financial disclosures that he needed to file as a result of marrying into a billionaire family. 

Some of those financial disclosures reportedly included up to $6 million worth of crypto-related investments, including crypto custody platform Anchorage Digital and blockchain tokenization platform Securitize.

Atkins has taken over from acting chair Mark Uyeda, who helped the SEC establish a Crypto Task Force in January, aimed at strengthening rapport between the commission and industry players.

The SEC has also dismissed several crypto probes and enforcement actions undertaken by the Gensler-led SEC in recent months, including cases involving Coinbase, Consensys, Gemini and Uniswap.

Related: Crypto industry is not experiencing regulatory capture — Attorney

The Atkins-led SEC currently has over 70 crypto-related exchange-traded fund applications to decide on this year, Bloomberg reported on April 21.

“Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg ETF analyst James Balchunas said in an X post.

“Gonna be a wild year.”

The recent surge in crypto ETF filings reflects a “spaghetti cannon approach” from issuers testing which products the new SEC leadership might approve, fellow Bloomberg ETF analyst James Seyffart said in February.

“Issuers will try to launch many many different things and see what sticks,” Seyffart said.

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