WazirX Obtains Court Approval for Debt Restructuring Plan

Embattled crypto exchange WazirX won 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 biggest cyberattacks in the industry’s history.

Singapore’s High Court approved the plan with amendments after 95.7% of voting creditors, representing 94.6% by value, supported the amended plan in an August 2025 revote, according to a statement shared with Declutter.

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

“The sanction represents a significant milestone in WazirX’s journey as it marks one of the fastest restructurings in the global crypto industry despite facing one of the largest cyberattacks in the history of this space,” Nischal Shetty, founder of WazirX, told reporters. Declutter.

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

“Users have been waiting for a long time with understandable frustration, and I really hope this marks the beginning of a smooth recovery process where users can finally regain access to their funds as soon as possible,” said crypto influencer Pushpendra Singh, a vocal critic from WazirX after the hack, told Declutter. “Transparency and timely implementation will be critical in rebuilding trust within the community.”

The exchange’s ability to restructure will have a direct impact on whether users will recover their frozen crypto assets through the company’s proposed recovery token system.

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

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

Only 3.3% of creditors took part in the first vote, prompting the amended arrangement. Zettai will notify all creditors of the relevant legal documents and timelines.

Meanwhile, the Delhi High Court in August ordered Zettai to produce its takeover deal with Binance and make public the details of the restructuring plan as creditors push for transparency after the hack.

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