Singapore Court Approves WazirX Parent’s Asset Recovery Plan
The Singapore High Court has approved a modified restructuring plan by Zettai, the overseas parent of Indian cryptocurrency exchange WazirX, paving the way for users to recover assets frozen since a major 2024 cyberattack.
Key Takeaways
- WazirX expects to reopen by late October 2025
- Phased asset distributions to begin after platform restart
- 95.7% of creditors approved the revised recovery plan
- Enhanced security measures with BitGo custody partnership
The court-approved scheme could help Indian traders recover portions of the $235 million in assets lost during the July 2024 cyber heist, which affected nearly half of the platform’s holdings.
Recovery Process Timeline
WazirX founder Nischal Shetty stated: “As soon as the scheme is legally effective based on the verdict, we will start platform operations within 10 business days.” Under the court-supervised plan, token distributions to creditors will commence once the exchange resumes operations.
The approval follows a August re-vote where 94.6% of creditors by value backed the revised plan, after the court rejected an earlier proposal in June 2025.
Next Steps and Security Measures
Zettai will now file the court order with Singapore’s Accounting and Corporate Regulatory Authority. WazirX will publish operational details covering:
- Supported assets for withdrawal
- Withdrawal queue systems
- KYC/AML compliance checkpoints
The recovery framework combines crypto and cash distributions with additional mechanisms including recovery tokens and enhanced custody arrangements. The company has partnered with BitGo, a globally recognized custodian, to strengthen fund security during the relaunch.
This ruling marks a potential turning point after 15 months of suspended activity, with WazirX prioritizing orderly withdrawals and staged reopenings to manage liquidity and operational risks.
