WazirX Wins Court Approval for $234M Hack Recovery Plan


Singapore's High Court approved #WazirX's debt restructuring plan on Monday, clearing the path for the crypto exchange to reopen more than a year after hackers stole $234 million in one of the industry's largest cyberattacks. The platform will resume operations within 10 business days once the scheme becomes legally effective.


Zettai Pte Ltd., the Singapore-based company operating WazirX, secured court approval after 95.7% of voting creditors backed the amended scheme in an August 2025 revote. The creditors represented 94.6% in value, demonstrating overwhelming support for the #restructuring plan designed to return frozen funds to users.


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. Authorities linked the attack to North Korea's state-sponsored hackers, with analysts observing techniques commonly used by the Lazarus hacking group.


Nischal Shetty, founder of WazirX, described the approval as a key milestone in the exchange's recovery journey. The sanction represents one of the fastest #restructurings in the global crypto industry despite the platform suffering one of the biggest cyberattacks in the sector's history, according to Shetty.


Token distributions will begin once operations restart, with the exchange projecting that users could recover 75% to 80% of their account balances at the time of the hack. The recovery will utilize a token-based system that allows creditors to reclaim a substantial portion of their frozen #crypto assets.


The court #approval followed a turbulent legal process. Singapore's 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 modifications to the scheme.

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October 14, 2025 at 3:34 AM
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