WazirX has secured court approval for its long-awaited debt restructuring plan, marking a major milestone in its recovery from last year’s high-profile hacking incident.
CEO Nischal Shetty said Monday that the Singapore High Court has approved the scheme, paving the way for the exchange to move ahead with its rehabilitation efforts. Shetty did not disclose additional details about the approved plan, and a WazirX spokesperson did not respond to requests for comment.
The vote accounted for about $206.9m in validated claims from more than 149,000 account holders.
The court’s decision follows months of creditor engagement and revisions to the company’s original proposal. In August, more than 95% of WazirX’s creditors voted in favour of the updated scheme, filed by its Singapore-based parent company, Zettai Pte Ltd.
If all goes as expected, users could recover about 85% of their account balances, based on valuations from the date of the hack.
To achieve this, the exchange chose a court-supervised Scheme of Arrangement instead of liquidation. This approach helped avoid years of delays — liquidation could have postponed recoveries until 2030 or later.
In response, WazirX revised the plan. The new version routed repayments through its Indian entity, Zanmai Labs, which is registered with the country’s Financial Intelligence Unit. As a result, the updated proposal gained even stronger support in the second vote, held between July 30 and Aug. 6.
The road to approval was not smooth. Initially, in March, more than 93% of creditors backed WazirX’s restructuring plan. However, in June, the Singapore High Court rejected the proposal due to regulatory concerns over token distributions.
