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- Nidhi Kolhapur
Nidhi Kolhapur
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Reviewed by:
Zafar Naik - Oct 13, 2025 10:52 UTC
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WazirX Debt Recovery Plan Gets Singapore Court Approval, Payouts Expected Soon
Singapore High Court approves WazirX’s debt restructuring plan
CEO Nischal Shetty thanks the community for support during the challenging phase
First distribution expected within 10 business days of the Effective Scheme Date
WazirX, the Indian crypto exchange that faced a $234.9 million hack last year, has achieved a key milestone, marking a major step forward in its ongoing recovery.
The Singapore High Court has approved its debt restructuring plan, bringing the platform closer to stability and possibly regaining user trust.
WazirX Secures Court Approval
CEO Nischal Shetty shared the update on X, thanking everyone for their support during a challenging phase. He shared that the trust and support of the community played a crucial role in reaching this significant milestone.
The setback began in July 2024 when hackers linked to North Korea’s infamous Lazarus group stole a huge sum from the exchange.
WazirX’s first restructuring plan was turned down by the court in June 2025 due to procedural issues and unclear safeguards for creditors. After making changes and consulting with the creditors, the updated plan got strong approval in August, moving the process forward.
Faster Recovery for Creditors
Around 95.7% of creditors who participated in the vote approved the plan. Shetty had said that if the court grants its approval, WazirX will be able to restart platform operations.
According to the exchange, the restructuring scheme offers creditors a faster, fairer, and legally binding alternative to liquidation. Shetty had said in August that upon court approval, WazirX plans to restart operations within 10 business days of the Scheme becoming effective.
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WazirX Gears Up for Recovery
Community members welcomed the update and see this as a ray of hope forward.
Bitinning founder Kashif Raza stressed that the CEO should ensure there is no loss to customers, especially since the market has already doubled since the hack. He also urged that there should be no further delays or excuses, no additional forms to fill out, and that withdrawals should be enabled before Diwali, a major festival for Indians.
Looking ahead, Nischal emphasized that the focus now is on the next phase: working diligently to create value for users, partners, and the broader ecosystem.
While the approval serves as a green light and a significant win on paper, the key question is whether this move will genuinely rebuild user confidence or simply buy more time. Some users remain skeptical as doubts and mistrust continue to shadow the platform. Rebuilding that trust will require transparent actions and consistent follow-through.
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FAQs
The Singapore High Court has approved WazirX’s debt restructuring plan, a major step towards repaying creditors and potentially restarting platform operations.
The 2024 hack, linked to the Lazarus group, resulted in a massive theft of $234.9 million from the Indian cryptocurrency exchange.
No. The court-approved restructuring plan is designed to help WazirX recover and restart operations, avoiding a complete shutdown or liquidation.
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