The Singapore High Court approved the reorganization plan of the parent company of WazirX, Zettai Pte Ltd, after the hack of July 2024 that stole $234 million.
The court had sanctioned the Scheme of Arrangement with modifications in HC/SUM 940/2025. The exchange undertook to register the order with Singapore’s Accounting and Corporate Regulatory Authority within 10 working days of commencement of operation.
The resolution marks the end of a 15-month restructuring process that included forensics, police collaboration, and creditor negotiations.
Singapore court sanctions restructuring plan after long deliberation
The Singapore High Court gave a go-ahead to the restructuring plan of WazirX on October 12, 2025. This paved the way to staggered user recoveries under the approved scheme. The vote followed the vote of the creditors in January 2025, passing the 75% to approve schemes of arrangement.
Zettai Pte Ltd, the parent company of Singapore-based WazirX, will now lodge the court order with the Accounting and Corporate Regulatory Authority. The lodgement will be the last administrative formality prior to commencement. The platform will resume within 10 working days after lodgement, said WazirX.
The platform will resume both trading as well as withdrawals after the 15-month suspension.
📢 Scheme of Arrangement Sanctioned by the Singapore High Court
We are pleased to share that the Singapore Court has sanctioned the Scheme proposed by Zettai in HC/SUM 940/2025 (“SUM 940”) with modification, marking a decisive step forward in the recovery journey.
What Happens… pic.twitter.com/IxOrZPIKhD
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) October 13, 2025
The clearance from the court marks the end of months of prolonged negotiations between lawyers, creditors, and WazirX in various jurisdictions. The restructuring had already begun in September 2024 with the implementation of the first scheme in the Singapore courts.
The August 2024 CoinSwitch legal case to recover stranded $9.65 million on the platform offered some indication about the creditor pressures during the freeze.
July 2024 hack stole $235M with multisig exploit
The hack occurred on July 18, 2024. The hackers installed malicious smart contracts on July 10, 2024, exactly eight days prior to the exploit. On the 18th, they obtained proper-looking approval of a transaction from the required signers. They then altered the multisig governing smart contract to the earlier released malicious one.
Security investigations revealed tactical similarities with North Korea’s Lazarus Group, such as Tornado Cash-funded caller addresses, mixing patterns, and previous campaign signatures. WazirX ceased trading and withdrawals immediately after discovering the hack. The exchange worked with hundreds of other platforms to blacklist attacker addresses and track fund transfers.
On-chain tracking projects had included intelligence companies along with self-described blockchain analysts like ZachXBT. There were bounties offered to find the exploiter along with the retrieval of the funds. The studies looked at combined ETH flows as well as noteworthy token sales, including SHIB, MATIC, as well as PEPE, with the help of mixing services.
Recovery framework targets 85% immediate distribution
The approved scheme establishes differentiated recovery terms for pre-hack and post-hack deposit categories. Pre-hack deposits will receive approximately 85% recovery upfront upon scheme effectiveness. The remaining 15% will be distributed over 2-3 years through Recovery Tokens tied to platform profitability and ongoing asset recovery efforts.
Post-hack deposits will receive 100% same-token credits following the scheme’s effectiveness. This category includes funds deposited after July 18, 2024, during the platform freeze period. Initial distributions are expected within 30-45 days following court sanction per scheme guidance.
The timeline allows for administrative processes, including ACRA filing, creditor verification, and distribution system setup. WazirX committed to beginning recoveries shortly after completing court formalities and regulatory filings.
Recovery Token mechanisms will regulate step-by-step recoveries and buybacks up to 2026-2028 based on platform performance as well as success in tracing assets. Buyback measures permit the acceleration of full repayment in case of better-than-expected profitability or asset recoveries.
The platform’s restart will be the culmination of the longest freeze in operation among significant cryptocurrency exchanges after a hack. Patience among users during the restructuring process enabled the court-monitored approach as opposed to swift liquidation.
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