The decision clears the way for the platform to reopen and begin compensating users within days—ending more than a year of uncertainty following one of the biggest exchange hacks in Asia.

Court Approval Paves the Way for Reopening

The Singapore High Court has endorsed the restructuring proposal submitted by WazirX’s parent company, Zettai Pte Ltd, allowing the exchange to move ahead with a relaunch scheduled roughly ten business days from the ruling. The company said it is now entering the final stage of its recovery process, which includes restoring user balances and issuing new compensation tokens.

Zettai described the ruling as a turning point, noting that the court approved the restructuring “with modification” under case HC/SUM 940/2025. The company said this decision ensures that all benefits under the proposed scheme—such as user repayments and the resumption of trading—can now proceed as planned.

User Repayments Through Crypto and Recovery Tokens

Under the approved plan, WazirX aims to return up to 85% of lost user assets. About half of those funds will be distributed immediately in liquid cryptocurrencies, while the remainder will be issued in Recovery Tokens (RTs), which users can redeem as the company continues to rebuild liquidity. The rollout of these distributions will begin before the platform officially reopens for trading.

A Hack That Shook India’s Crypto Scene

The approval marks the first major step forward since the devastating hack in July 2024, when cybercriminals stole around $235 million worth of digital assets. Most of the stolen crypto was traced to wallets linked to North Korea, leaving the company unable to retrieve the majority of the funds. Following the incident, WazirX froze withdrawals and trading, while legal proceedings and restructuring plans unfolded in Singapore.

Moving Toward Transparency and Trust

During the 15-month suspension, WazirX issued regular updates to customers, promising full transparency throughout the legal process. The exchange says that rebuilding trust remains its top priority as it prepares to re-enter the market.

Industry analysts see the court’s decision as a significant confidence boost for India’s crypto sector, which has struggled to regain stability after a series of setbacks. The relaunch of WazirX could mark the beginning of a more secure and regulated era for regional exchanges.

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Filed under: Bitcoin - @ October 14, 2025 4:30 pm