Wazirx Clears Court Hurdle as Singapore Approves Recovery Plan

After months of uncertainty, Wazirx has finally received the green light to move ahead with its recovery. The Singapore High Court has approved—with minor adjustments—the restructuring scheme proposed by Zettai Pte Ltd, the Singapore-based entity of the crypto exchange. The decision brings Wazirx one step closer to reopening trading operations following the July 2024 hack that drained roughly $230 million from its wallets.

Good to Know

• The recovery plan was backed by over 95% of creditors.
• About 85% of user funds are expected to be recovered through a mix of liquid crypto and new Recovery Tokens.
• Trading on Wazirx will resume within 10 business days after the court order is filed with the Accounting and Corporate Regulatory Authority (ACRA).

In an official update, Wazirx said:

“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.”

Once Zettai files the order with ACRA, the exchange expects to restart operations within days. The ruling effectively completes one of the last procedural steps before the platform’s official relaunch.

How Wazirx Plans to Compensate Users

The July 2024 incident prompted Zettai to craft a comprehensive recovery framework focused on user restitution and long-term stability. The plan—approved overwhelmingly by creditors—targets around 85% fund recovery.

Users will first receive roughly 52% of their funds in liquid crypto, followed by the remaining portion in Recovery Tokens (RTs). These tokens will help balance liquidity needs while ensuring users retain a pathway to reclaim full value over time.

A Measured Path Toward Stability

Wazirx expressed optimism about entering the final phase of its restructuring:

“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 exchange also thanked its users for their patience throughout the recovery process, promising continued transparency as it resumes operations. The experience has also underscored a growing trend in the crypto industry—structured recovery efforts and cross-border legal cooperation that strengthen investor trust.