WazirX Gets Singapore Court Approval to Resume Operations
- WazirX receives approval from the Singapore High Court for its recovery scheme.
- The exchange plans to restart its platform within ten business days after filing.
- Users will regain access to funds through token redistribution and Recovery Tokens.
WazirX has achieved a major breakthrough after the Singapore High Court approved its Scheme of Arrangement proposed by Zettai Pte Ltd under case HC/SUM 940/2025 (“SUM 940”). The approval, granted with modification, paves the way for the exchange’s recovery plan and signals an imminent restart. The decision comes only weeks after creditors backed a revised proposal, allowing the exchange to advance to the next phase of its restructuring process.
The approval allows WazirX to begin token-based fund distributions and prepare for the revival of its suspended trading platform. Founder Nischal Shetty expressed gratitude on X, saying, “Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme. It’s your support and love that have made this possible.”
Legal Approval and Next Steps
The sanction marks a significant legal milestone for the India-based exchange, which has spent over a year navigating a complex process to restore user assets. More than 150,000 users are now closer to receiving their funds.
Under the arrangement, Zettai Pte Ltd must file the court order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). Once filed, WazirX expects to restart operations within 10 business days. The company reaffirmed that all promised benefits—token redistributions, issuance of Recovery Tokens, and restored access to services—will be implemented in full once the scheme takes effect.
The official statement from WazirX, “We are happy to announce that the Singapore Court has approved the Zettai-initiated Scheme in HC/SUM 940/2025 (‘SUM 940’) with modification, which is a very significant hopeful stride in the recovery journey.” The crypto-exchange has furthermore assured its users that it will be “with them at each step till there is a complete reboot.”
Backdrop: The $234 Million Hack
The financial meltdown of WazirX started in July 2024 when a $234 million loss due to a Safe Multisig wallet hack was imposed on the exchange. Consequently, WazirX was forced to suspend withdrawals and operations, which led to a prolonged recovery process.
Later on, various cybersecurity researchers attributed the hacking incident to North Korean attackers, who have been operating through the Lazarus Group. This association successfully highlighted the issue of increasing cyberattacks in the cryptocurrency world, which are not limited by borders.
In April 2025, the creditors of WazirX consented to a similar recovery plan after being informed that failure to approve would result in receiving their money back only in 2030. However, the court initially declined approval due to concerns about how Recovery Tokens—which compensate affected users—would interact with Singapore’s upcoming digital asset regulatory framework.
The most recent approval has put an end to these concerns and given WazirX the legal green light to proceed. After the filing with ACRA is complete, the arrangement will be enforceable by law, and the 10-day period for full reactivation will commence.
Related: WazirX Secures Court Approval for $235M Hack Recovery Plan
WazirX Restart & Challenges Ahead
WazirX faces not only the opportunity to resume operations but also significant operational hurdles. The platform has the tasks of token issuance, custodial transfers, and creditor claims verification to accomplish, not just complete, but also do so efficiently. Besides that, it needs to implement stronger security measures to prevent future breaches.
The next step involves WazirX regaining the trust of its massive user base, a portion of which suffered from the prolonged unavailability of the services. Now, industry analysts are closely monitoring the situation: Will WazirX be able to simultaneously deliver the promised recoveries and win back the trust of users after suffering one of Asia’s largest crypto exchange hacks?
