WazirX Secures Court Approval for Debt Restructuring Plan

Embattled crypto exchange WazirX secured court approval for its debt restructuring plan on Monday, allowing the platform to reopen more than a year after hackers stole $234 million in one of the largest cyberattacks in the industry’s history.

Singapore’s High Court sanctioned the plan with modifications after 95.7% of voting creditors, representing 94.6% in value, backed the amended scheme in an August 2025 revote, according to a statement shared with Decrypt.

Zettai Pte Ltd., the Singapore-based company that operates WazirX, said the platform will restart within 10 business days, once the scheme becomes legally effective following a regulatory filing with Singapore’s Accounting and Corporate Regulatory Authority.

“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,” Nischal Shetty, founder of WazirX, told Decrypt.

The court ruling ends a months-long freeze for WazirX’s 6.6 million users who have been unable to access their funds since the platform halted trading after the hack, which authorities linked to North Korea’s state-sponsored hackers.

“Users have been waiting for a long time with understandable frustration, and I truly hope this marks the beginning of a smooth recovery process where users can finally regain access to their funds as soon as possible,” crypto influencer Pushpendra Singh, a vocal critic of WazirX following the hack, told Decrypt. “Transparency and timely execution will be key in restoring trust within the community.”

The exchange’s ability to restructure directly impacts whether users will recover their frozen crypto assets through the company’s proposed recovery token system.

Token distributions will begin once operations resume, with the exchange projecting that users could recover 75% to 80% of their account balances at the time of the hack.

The court approval provides breathing room after a turbulent legal process, as the Singapore High Court initially rejected Zettai’s restructuring plan in June before reversing course in July and ordering a revote on an amended version.

Only 3.3% of creditors participated in the first vote, prompting the modified scheme. Zettai will notify all creditors regarding the relevant legal filings and timelines.

Meanwhile, the Delhi High Court ordered Zettai in August to produce its acquisition agreement with Binance and disclose restructuring scheme details, as creditors push for transparency following the hack.

Last week, the Bombay High Court ruled that Indian crypto exchange CoinSwitch can secure its stolen assets held on WazirX, dismissing objections from Zanmai Labs, the Indian entity operating WazirX and a subsidiary of Zettai.