Singapore’s High Court has approved Zettai Pte. Ltd.’s restructuring plan, clearing the way for the reopening of Indian crypto exchange WazirX, less than a year after it was crippled by the largest hack of any crypto company in the country.
The sanction order came after a new vote in August in which 95.7% of creditors in number and 94.6% in value supported the plan.
“As soon as the plan is legally effective, we will restart platform operations within 10 working days,” WazirX founder Nischal Shetty said. If all goes as planned, WazirX could be back in business before the end of October, marking a rare, court-supervised resurrection in the exchange world.
Users affected by the hack are expected to regain access to the platform and see initial distributions shortly after the reboot.
WazirX will also partner with US custodian BitGo to strengthen asset protection ahead of the relaunch, a move aimed at rebuilding user trust and meeting new regulatory and security benchmarks.
Part of the redemption plan is to launch a decentralized exchange (DEX), issue exchangeable recovery tokens, and conduct a periodic buyback of recovery tokens using platform profits and new revenue streams.
WazirX users lost more than $230 million in a security breach led by the Lazarus Group in July 2024 after an apparent private key interception, which the exchange attributed to its escrow provider, Liminal, a claim the latter rejected, instead pointing to vulnerabilities on WazirX’s part.
The hacker laundered all the stolen funds to multiple addresses using Tornado Cash to hide the transactions, as CoinDesk reported in September 2024, dashing hopes for a full recovery. Since then, WazirX has worked to recover the funds with limited success.
