WazirX Restructuring Approved by Singapore Court
- WazirX restructuring approved, enabling user repayments.
- Singapore Court’s approval signifies major progress.
- Funds distribution set to start within 10 days.
The Singapore High Court approved Zettai Pte. Ltd.’s restructuring plan, allowing India’s WazirX to resume operations and user repayments following a $230 million hack, effective immediately.
The court’s decision enables swift user compensation, significantly impacting crypto market confidence and influencing Indian market dynamics with WazirX’s anticipated decentralized exchange launch.
The Singapore High Court has approved Zettai Pte. Ltd.’s restructuring plan, leading to WazirX resuming operations and starting user repayments. This approval follows the major $230 million hack that took place in 2024.
WazirX, led by Founder Nischal Shetty, is set to reopen following this approval. The restructuring was necessitated by the large-scale hack, marking one of the fastest crypto recovery efforts.
Users impacted by the hack will soon receive compensation through the court-sanctioned plan. This development is a crucial step in restoring confidence among WazirX’s users and the broader crypto market.
The court-backed scheme allows distributions to affected users, with almost 96% of creditors supporting the plan. This decision highlights the broad institutional support behind WazirX’s recovery efforts.
The restructuring represents a significant step in the global crypto industry’s ability to recover from major cyberattacks. It sets a precedent for rapid, creditor-friendly resolutions compared to past events.
WazirX’s partnership with BitGo for security enhancements could influence secure practices in the industry. Historical trends show recoveries are often slow, but this swift response could shape future strategies.
Nischal Shetty, Founder, WazirX, “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.”
