- WazirX has received approval from the Singapore Court to implement its restructured recovery plan.
- The cryptocurrency exchange plans to resume trading and other services within ten business days.
- Users will receive compensation through a combination of liquid cryptocurrency and new Recovery Tokens.
- The recovery plan follows a hack in July 2024 that led to the theft of $235 million and a 15-month freeze on trading activities.
- Parent company Zettai Pte Ltd aims for an 85% fund recovery for users affected by the Hacking incident.
WazirX, India‘s leading cryptocurrency exchange, secured approval from the Singapore Court on Monday for its restructured recovery plan. The court’s sanction allows the platform to relaunch and restart trading activities within the next ten business days.
According to WazirX, users will be compensated as part of the restructuring plan before trading services reopen. The company announced that approximately 52% of the recovered funds will be distributed immediately in liquid cryptocurrency, while the remaining balance will be provided through Recovery Tokens (RTs). “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,” an official statement said.
The plan aims to return up to 85% of users’ lost funds. Zettai Pte Ltd, the parent company of WazirX, explained that this process will preserve the benefits outlined in the scheme and ensure distributions, trading, and the issuance of Recovery Tokens commence as scheduled. “This milestone brings us to the final stage of restructuring, ensuring that all promised benefits under the Scheme are preserved and paving the way for distributions, trading, and the issuance of Recovery Tokens to begin,” the company stated.
WazirX froze trading and funds for about 15 months after suffering a hack in July 2024. About $235 million was stolen, with most of the funds moved beyond recovery. The exchange kept users informed throughout legal proceedings by providing email updates. The court-approved plan has generated interest among users, as the exchange moves forward with compensating those impacted by the incident.
For more details, refer to the official announcement from WazirX.
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