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- WazirX receives Singapore court approval for debt restructuring.
- First asset distributions to users expected within 10 business days.
- Trading and withdrawals could resume shortly, restoring user confidence.
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WazirX, India’s leading cryptocurrency exchange, has taken a critical step toward recovery after the Singapore High Court approved its long-awaited debt restructuring plan. The move comes after more than a year of complex negotiations following last year’s high-profile hack, which froze user assets and shook confidence in the platform. CEO Nischal Shetty confirmed the court’s approval, though details of the plan remain limited.
Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme.
— Nischal (Shardeum) 🔼 (@NischalShetty) October 13, 2025
Its your support and love that has made this possible ❤️
Now we set out on the next phase to work hard and create value for everyone. We’re here because of YOU…
Months of Negotiations Culminate in Strong Creditor Support
The approved restructuring plan reflects months of revisions and engagement with creditors. Over 95% of WazirX’s creditors voted in favor of the updated scheme, representing more than $206.9 million in validated claims from 149,000 account holders. The revised proposal channels repayments through WazirX’s Indian entity, Zanmai Labs, addressing regulatory concerns and ensuring compliance with Singapore’s Insolvency, Restructuring and Dissolution Act of 2018.
This level of creditor approval demonstrates renewed trust in WazirX’s plan and marks a turning point for the embattled exchange.
A Court-Supervised Scheme for Faster Asset Recovery
Instead of pursuing liquidation, which could have delayed repayments until 2030, WazirX opted for a court-supervised Scheme of Arrangement. This approach allows for quicker distribution of remaining assets to affected users. The first round of token distributions is set to begin within 10 business days of the scheme taking effect, potentially restoring about 85% of user balances based on post-hack valuations.
Also Read: WazirX Set for Relaunch After May 13 Verdict: $234M Hack Victims Await Recovery Plan
Trading Services and Withdrawals Could Resume Soon
With the court’s approval, WazirX is positioned to reopen trading and allow withdrawals in the near future. The restructuring plan consolidates operations under Singapore law, minimizing legal conflicts and ensuring uniform treatment for both Indian and international users. The move aims to stabilize the platform and rebuild trust, a critical factor after months of operational uncertainty.
The court-approved debt restructuring represents a crucial milestone in WazirX’s recovery journey. As the platform prepares to return assets and resume services, users and the broader crypto community are watching closely, hopeful that this marks the start of a stable and secure future for the exchange.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
