Catenaa, Friday, July 18, 2025-The Singapore High Court has reversed a previous decision blocking crypto exchange WazirX’s restructuring plan and has ordered a fresh vote on an amended proposal, offering a renewed path for the recovery of $234 million in user funds lost in a 2024 hack.
The court also extended the moratorium protecting WazirX’s parent firm, Zettai, from legal action, a move that could enable the reopening of the platform and the start of user fund distributions under Indian jurisdiction, pending creditor approval.
The initial restructuring plan was rejected in June due to concerns over Zettai’s undisclosed relocation to Panama and rebranding as Zensui Corporation.
The reversal follows new arguments submitted by the company and updates to its recovery proposal.
More than 93% of creditors had approved the original plan, but legal challenges and regulatory complications delayed its rollout.
The amended scheme addresses those concerns, while retaining the core framework of issuing recovery tokens to users. These tokens, representing on-chain IOUs, aim to return 75%–80% of lost balances based on market conditions.
The July 2024 hack exploited flaws in WazirX multisig wallet system and led to one of India’s largest crypto losses.
Users, who have faced nearly a year of platform inactivity, remain frustrated but hopeful that the new vote could mark a turning point.
