- Singapore High Court approved WazirX’s restructuring scheme.
- ACRA filing triggers legal effectiveness and restart in 10 business days.
- Plan includes token-based repayments after the $234 million 2024 hack.
The Singapore High Court has approved WazirX’s long-awaited restructuring plan, completing a key stage in the exchange’s efforts to recover from the $234 million hack that shut down operations in July 2024.
The ruling ended a long stretch of uncertainty after the July 2024 breach and has given the exchange a court-backed path to restore trading and settle creditor claims. The approval followed a creditor vote on a revised proposal that set the mechanics for distributions and platform relaunch under court supervision.
Timeline: ACRA Filing, Legal Effectiveness, and 10-Day Restart Window
Following the ruling, Zettai will now file the court order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), after which the WazirX platform is expected to restart within 10 business days. This next stage includes resuming trading, distributing recovery tokens, and starting user repayments.
WazirX co-founder and CEO Nischal Shetty confirmed the court’s decision on a social media post, describing it as a victory that concludes months of legal uncertainty and positions the company to move ahead with its recovery plan.
Background: Hack Linked to North Korea’s Lazarus Group
The 2024 cyberattack drained approximately $230 million from WazirX accounts, an incident later linked by the U.S. Department of State to North Korea’s Lazarus Group. The breach wiped out nearly half of the exchange’s assets, leaving thousands of users unable to access their funds.
Related: WazirX Files Legal Submission in Line With Singaporean High Court’s Instruction
Since the event, WazirX has pursued multiple restructuring strategies to stabilize its finances and secure creditor backing. The latest plan, now approved, provides the first clear legal basis for repayment and the eventual revival of operations.
How Repayments Will Work: Token Distributions and Recovery Tokens
The sanctioned plan relies on token-based distributions to eligible scheme creditors. WazirX will issue recovery tokens and outline a claims process that matches users to their entitlements under the scheme documents.
The distribution flow will roll out after legal effectiveness and the production relaunch, with details communicated through official WazirX channels. The framework aims to balance speed of return with operational safeguards as the exchange comes back online.
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