WazirX gets Singapore court nod for restructuring scheme, to restart operations in 10 days

In a major relief, the High Court of Singapore has approved a restructuring scheme proposed by crypto platform WazirX's parent entity Zettai Pte Ltd after the plan was supported by 95.7% creditors by number and 96.6% by value.

The court sanction to the restructuring scheme will make it legally binding for all parties, including any creditors who have not agreed to the restructuring, and paves the way for a formal execution of the recovery and repayment plan.

"The Hon’ble High Court of Singapore has officially sanctioned the creditor-approved restructuring scheme proposed by Zettai Pte. Ltd with modification. This comes after 95.7% of voting creditors — representing 94.6% in value — re-voted in favour of the Scheme in August 2025," the company said in a statement.

The development comes three months after the Singapore High Court earlier rejected WazirX's proposed restructuring plan under Zettai, calling it "insufficiently transparent". Zettai-owned WazirX, which disbanded operations on July 18, 2024, had said it remains committed to complying with all legal and regulatory processes. Amid this, reports suggested that the Singapore-based crypto exchange, which primarily serves customers in India, was also trying to move its operations to Panama.

Why this matters?

The approval to the restructuring scheme by the Singapore High Court marks the culmination of months of collaborative efforts between Zettai and the WazirX user community, which will allow the reopening of the platform. After the approval, the company will be able to formally recognise its debts and obligations as it'll not face bankruptcy threat anymore. It'll also allow WazirX to settle with users and creditors.

Nischal Shetty, Founder of WazirX, terms the High Court sanction one of the fastest restructurings in the global crypto industry.

“The sanction represents a key milestone in WazirX’s journey since it marks one of the fastest restructurings in the global crypto industry, despite suffering one of the biggest cyberattacks in the history of this space. We remain fully focused on our mission towards acting in the best interests of our creditors. As soon as the scheme is legally effective based on today’s verdict, we will start platform operations within 10 business days. To everyone who stood by us with patience and belief — thank you,” said Shetty.

What's the road ahead?

As next steps, Zettai Pte. Ltd. will file the order with the Accounting and Corporate Regulatory Authority (ACRA). Within 10 business days of the Scheme becoming effective, the WazirX platform will restart, and token distributions to Scheme Creditors will take place.

"Zettai will notify all Scheme Creditors regarding the relevant legal filings and timelines," the company said.

To strengthen the security of funds, the company has partnered with BitGo. "With the restart, WazirX will continue to focus on building the best platform for the Indian crypto ecosystem. To further strengthen the security of funds, the company has partnered with BitGo, a globally recognised and industry-leading custodian," said the company.

What's the background?

WazirX suffered a massive cyberattack in July 2024, resulting in the theft of around $230 million in digital assets. Hackers exploited vulnerabilities in the multi-sig wallet, leading to the suspension of its operations and the halting of trading and withdrawals in the same month.

WazirX has attributed responsibility for the $230 million hack to the North Korean Lazarus Group, which is infamous for high-profile cyberattacks on cryptocurrency exchanges. The United States, Japan, and South Korea, in a joint statement, also identified the Lazarus Group as responsible for the cyberattack on the exchange.

The crypto exchange had earlier stated that if its restructuring plan is not approved, creditors will have to wait for the ownership dispute to be resolved before any next steps can be taken, which makes the situation unclear and could lead to extended timelines, estimated by the year 2030.