Indian crypto exchange Wazirx announced on Oct. 13 that the Singapore High Court has approved the restructuring scheme proposed by Zettai Pte Ltd., the Singapore-based entity of Wazirx, with modifications. The decision marks a key development in the crypto exchange’s ongoing recovery process following the July 2024 security breach that resulted in an estimated $230 million loss from its wallets.
The ruling advances Wazirx’s efforts to restore trading operations and distribute recovery tokens to affected users after months of legal and operational restructuring. Following the court’s sanction, Zettai will file the order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), completing one of the final procedural steps before the exchange’s relaunch.
“We are pleased to share that the Singapore Court has sanctioned the Scheme proposed by Zettai in HC/SUM 940/2025 (‘SUM 940’) with modification, marking a decisive step forward in the recovery journey,” Wazirx stated, adding:
Post-filing the order, the Wazirx platform will restart within 10 business days, as originally envisioned.
The July 2024 hack prompted Zettai to design a recovery framework aimed at compensating users and stabilizing the platform’s financial position. The Wazirx recovery plan, approved by over 95% of creditors, aims for approximately 85% fund recovery. This is split into an immediate distribution of around 52% in liquid crypto and the remainder in new Recovery Tokens (RTs).
Looking ahead, Wazirx expressed confidence in the final phase of its restructuring, stating:
This milestone brings us to the final stage of restructuring, ensuring that all promised benefits under the Scheme are preserved and paving the way for distributions, trading, and the issuance of Recovery Tokens to begin.
The company also recognized its users’ patience and ongoing support throughout the recovery journey and reaffirmed its commitment to maintaining transparency as the platform resumes operations. The court’s approval demonstrates growing maturity in the crypto sector, where structured recovery efforts and cross-border coordination are playing a critical role in rebuilding trust and market stability.
- What did the Singapore High Court approve for Wazirx?
The Singapore High Court approved Wazirx’s restructured recovery plan proposed by its Singapore entity, Zettai Pte Ltd., allowing the exchange to move forward with relaunching its platform and compensating affected users. - When will Wazirx resume its trading operations?
Wazirx announced that the platform will restart within 10 business days after filing the approved court order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). - How will users be compensated under the Wazirx recovery plan?
The recovery plan ensures approximately 85% fund recovery for users, with 52% distributed immediately in liquid crypto and the remaining balance issued as new Recovery Tokens (RTs). - Why is the Wazirx court approval significant for the crypto industry?
This approval highlights growing maturity in the global crypto sector by demonstrating successful cross-border legal coordination and structured recovery mechanisms to rebuild user trust after major security breaches.
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