Catenaa, Saturday, April 26, 2025-WazirX, the embattled Indian crypto exchange crippled by a $234.9 million hack last year, is nearing a potential comeback as the Singapore High Court sets a May 13 hearing to rule on its proposed restructuring and creditor compensation plan.
The court will decide whether to sanction the Scheme of Arrangement submitted by WazirX’s parent company, Zettai. If approved, the company aims to resume operations and make its first creditor distributions within 10 business days of the scheme’s effective date, WazirX said Monday.
The platform suffered one of 2024’s largest crypto heists when North Korean hackers allegedly exploited a Safe Multisig wallet, draining nearly 45% of WazirX’s assets and halting user withdrawals. The attack occurred during a record year for crypto-related thefts, with global losses topping $2.2 billion, according to Chainalysis.
Earlier this month, 93.1% of voting creditors — representing 94.6% of the total claim value — approved the recovery plan, which includes the issuance of tradable Recovery Tokens and a roadmap for a new decentralized exchange. More than 141,000 creditors representing $196 million in claims participated in the vote.
WazirX also faces a lawsuit from rival exchange CoinSwitch, which is seeking the release of funds frozen during the breach. The legal action coincides with Zettai’s filing for a 30-day moratorium to manage obligations during restructuring.
The company warned that failure to secure court approval could delay repayments until 2030 due to procedural challenges.
