WazirX has received court approval in Singapore for its restructuring plan, setting the stage for its platform to reopen within 10 days.
Key Takeaways
- Singapore’s High Court approved WazirX’s restructuring plan after a massive $235 million hack halted its operations in July 2024.
- 95.7% of creditors voted in favor, allowing the plan to become legally binding and enable structured repayments.
- WazirX will restart platform operations and begin token distribution within 10 business days of the plan’s effective date.
- The crypto exchange has partnered with BitGo to bolster fund security and prevent future breaches.
What Happened?
The High Court of Singapore has sanctioned a restructuring scheme for WazirX, clearing the way for the beleaguered Indian crypto exchange to reopen. The approval comes after a resounding 95.7 percent of creditors voted in support of the plan, which now becomes legally binding for all stakeholders. The court’s approval marks a major milestone in WazirX’s recovery from one of the largest cyberattacks in crypto history.
📢 Scheme of Arrangement Sanctioned by the Singapore High Court
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) October 13, 2025
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
Singapore Court’s Green Light Sets Recovery in Motion
Zettai Pte Ltd, the Singapore-based parent company of WazirX, confirmed that the court has approved the restructuring scheme with some modifications. This approval follows an earlier rejection in mid-2025, when the court had flagged concerns over transparency. Since then, Zettai worked closely with creditors and the user community to revise the proposal.
With the court’s latest verdict, WazirX can now:
- Resume trading operations within 10 business days of the plan becoming legally effective.
- Initiate structured token distributions to its scheme creditors.
- Avoid bankruptcy risks and formally recognize its liabilities.
Zettai announced that the next legal step involves filing the order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), after which all affected users will be notified about the timeline for payouts and access to funds.
A Comeback After a Devastating Hack
WazirX had suspended operations in July 2024 following a massive cyberattack that resulted in the loss of approximately $235 million worth of digital assets. Hackers exploited a vulnerability in the exchange’s multi-signature wallet system. The North Korean Lazarus Group was later identified by officials from the US, Japan, and South Korea as being responsible for the breach.
The impact was severe: trading, deposits, and withdrawals were all halted. Users were left in limbo, with the company warning that without a restructuring plan, recovery efforts could be stalled until at least 2030 due to ongoing ownership disputes.
Strengthened Security and New Custody Partnership
To reassure users and prevent similar attacks in the future, WazirX has partnered with BitGo, a globally recognized crypto custodian. The company said this step is part of a broader strategy to rebuild trust and enhance platform resilience.
“With the restart, WazirX will continue to focus on building the best platform for the Indian crypto ecosystem,” the company stated. This move echoes a growing trend in the crypto sector, where firms pursue judicially supervised restructuring as a way to regain user trust and regulatory compliance.
CoinLaw’s Takeaway
I’ve been watching crypto recoveries for a long time, and this one stands out. WazirX pulled off one of the fastest restructurings in a sector notorious for long, drawn-out collapses. In my experience, most exchanges that suffer attacks of this scale vanish or take years to stabilize. But by securing nearly unanimous creditor support and leaning on legal oversight in Singapore, WazirX has flipped the narrative.
Partnering with BitGo was a smart move too. Security isn’t just a checkbox now, it’s the core product. If they follow through on transparency and rebuild slowly, they might actually regain user confidence.
