Singapores High Court has approved Zettai PTE. Ltd.’s restructuring scheme that clears the path to reopen the Indian crypto exchange wazirx less than a year after it was paralyzed by the biggest hack of any cryptic business in the country.
The sanction order followed an August vote that saw 95.7% of creditors by number and 94.6% by value supports the plan.
“As soon as the scheme is legally effective, we will restart platform operations within 10 working days,” claimed Wazirx founder Nischal Shetty. If everything goes as planned, Wazirx could return to the operations by the end of October and mark a rare, overall resurrection in the exchange world.
Users affected by hacked are expected to regain access to the platform and see the first distributions shortly after reboot.
Wazirx will also collaborate with the US-based depotbitgo to strengthen asset protection in front of relaunch, a step aimed at rebuilding user confidence and satisfying new regulatory and security benchmarks.
Part of the reimbursement plan is to launch a decentralized exchange (DEX), issue the recovery tokens that can be traded, and perform a periodic repurchase of recovery tookens using platform surplus and new revenue streams.
Wazirx users lost over $ 230 million in a Lazarus group-led security breach in July 2024 after a seemingly private key interception, which the exchange attributed to its custody, Liminal, a claim that the latter rejected, instead pointed to vulnerabilities at the end of Wazirx.
Hacker laundered all the stolen funds for different addresses using Tornado Cash to hide the transactions, which Coindesk reported in September 2024, dampened hope for a full recovery. Wazirx has since worked to recover the funds with limited success.
