Indian cryptocurrency exchange WazirX secures court approval for creditor-backed restructuring plan, paving way for platform restart within 10 business days after one of crypto’s largest hacks
The High Court of Singapore has officially sanctioned the restructuring scheme proposed by Zettai Pte Ltd, the parent company of Indian cryptocurrency exchange WazirX, following a $234 million cyberattack that paralyzed the platform in July 2024. The court approval, delivered on October 13, 2025, marks a critical turning point for the exchange’s 4.3 million affected creditors and sets the stage for one of the fastest restructuring processes in global cryptocurrency history.
Creditor Approval Reaches 95.7% in Revote
The court-sanctioned scheme received overwhelming support from WazirX’s creditor community during a revote conducted in August 2025. Approximately 95.7% of voting creditors by number, representing 94.6% in value, approved the revised restructuring proposal. The revote saw participation from roughly 149,000 scheme creditors representing $206.9 million in claims, with 143,000 creditors accounting for $195.7 million voting in favor of the plan.
Platform Operations to Resume Within 10 Business Days
Zettai Pte Ltd will file the court order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), triggering a 10-business-day countdown to platform reactivation. Token distributions to scheme creditors will commence following the platform restart, potentially bringing relief to users who have been unable to access their funds since the July 2024 breach. If the timeline proceeds as planned, WazirX could return to operations before the end of October 2025.
“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,” said Nischal Shetty, Founder of WazirX. “We remain fully focused on our mission towards acting in the best interests of our creditors.”
BitGo Partnership Strengthens Security Infrastructure
To address security concerns following the massive breach, WazirX has partnered with BitGo Trust Company Inc., a globally recognized digital asset custodian. BitGo’s institutional-grade infrastructure includes multi-signature wallets, robust security controls, and up to $250 million in insurance coverage. The custodian supports over 1,100 coins and tokens, providing comprehensive coverage for WazirX’s diverse cryptocurrency portfolio.
Previous Rejection Delayed Recovery Timeline
The October approval comes after the Singapore High Court rejected WazirX’s initial restructuring plan earlier in 2025 due to insufficient transparency. The court cited the company’s failure to disclose incorporation details of its Panama entity during the legal process as grounds for rejection. The platform’s users had voted in favor of a scheme of arrangement in March 2025, but the court’s transparency concerns necessitated a revised proposal and subsequent revote.
Cyberattack Impact and Recovery Expectations
WazirX suffered the alleged cyberattack in July 2024, resulting in losses exceeding $230 million and making it one of the largest cryptocurrency exchange breaches in India’s history. The platform’s 4.3 million creditors were locked out of their accounts for over a year as the restructuring process unfolded. Users are expected to recover approximately 85% of their account balances based on valuations from the date of the hack.
The court-sanctioned scheme represents the culmination of months of collaborative efforts between Zettai and the WazirX user community, according to the company’s official announcement. Zettai will notify all scheme creditors regarding relevant legal filings and timelines as the platform moves toward reactivation.
With the restart, WazirX has committed to focusing on building the best platform for the Indian crypto ecosystem while prioritizing fund security through its partnership with BitGo.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Users should undertake sufficient risk assessment when trading cryptocurrencies as they are subject to high price volatility.
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