The Singapore High Court has officially approved the debt restructuring plan for Indian crypto exchange WazirX, marking a major turning point in its recovery following a $234.9 million hack in July 2024 attributed to North Korea’s Lazarus Group.
According to CEO Nischal Shetty, the approval allows WazirX to move forward with asset recovery and operational restructuring under the supervision of its Singapore-based parent company, Zettai Pte Ltd. The decision follows months of legal proceedings and overwhelming creditor support, more than 95% voted in favor of the scheme of arrangement in August.
Once the order is filed with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), WazirX is expected to restart its platform within 10 business days, enabling users to recover up to 55% of their affected funds. The plan includes structured asset distribution, enhanced security measures, and the issuance of recovery tokens to restore balance to user accounts.
📢 Scheme of Arrangement Sanctioned by the Singapore High Court
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.
What Happens… pic.twitter.com/IxOrZPIKhD
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) October 13, 2025
“This approval marks the beginning of a new phase,” Shetty said on X. “We’re working hard to create value for everyone.”
The news has been met with optimism across India’s crypto community. Influencers such as Pushpendra Singh and Kashif Raza expressed relief, hoping withdrawals begin before Diwali (Oct. 20) to bring closure to users who have waited over a year for fund recovery.
WazirX’s court-approved restructuring not only paves the way for the exchange’s relaunch but also reflects a broader industry shift toward judicially guided recoveries, a trend increasingly seen as essential to rebuilding trust in the aftermath of major crypto security breaches.
