Singapore HC Approves WazirX’s Restructuring Plan

SUMMARY

The sanction clears the way for WazirX to restart its platform within 10 business days of the scheme becoming legally effective and to begin token distributions to creditors

Singapore High Court has sanctioned its creditor-approved restructuring scheme with modifications, following a re-vote in August 2025 where 95.7% of creditors, representing 94.6% in value

The verdict from the High Court offers some relief to WazirX and its users, who were defrauded of around $234 Mn in a crypto heist last year

Zettai Pte Ltd, the parent entity of cryptocurrency startup WazirX, announced that the Singapore High Court has sanctioned its creditor-approved restructuring scheme with modifications, following a re-vote in August 2025 where 95.7% of creditors, representing 94.6% in value, approved the plan.

The sanction clears the way for WazirX to restart its platform within 10 business days of the scheme becoming legally effective and to begin token distributions to creditors.

Founder Nischal Shetty said the move marks one of the fastest restructurings in the global crypto industry, despite the platform suffering one of the biggest cyberattacks in the sector’s history.

“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,” WazirX founder Nischal Shetty said.

The verdict from the High Court offers some relief to WazirX and its users, who were defrauded of around $234 Mn in a crypto heist last year. The cyberattack impacted about 4.3 Mn WazirX users, affecting nearly 45% of the total funds held on the platform.

Following the cybersecurity breach in July 2024, Shetty said that hackers from North Korea’s Lazarus Group were involved in the attack. The incident also forced the startup to halt all withdrawals, leaving many users still awaiting their refunds.

Earlier this year, the creditor’s committee approved WazirX’s restructuring plan and to begin the re-distribution of the stolen tokens. In July, the Singapore High Court rejected WazirX’s plea for restructuring.

It was reportedly speculated that the High Court rejected the plea due to WazirX’s failure to disclose details about its Panama-based entity during the restructuring process. In June, the company had set up a new entity in Panama named Zensui Corporation.

Moving past the incident, WazirX said that it will continue to focus on rebuilding its platform for the Indian crypto ecosystem. To regain user trust, the startup also announced a partnership with global custodian BitGO to strengthen the fund security held on its platform.