Singapore High Court May Allow WazirX Reopening After 95.7% Creditor Backing; Bitcoin Holders Could Recover 75–80%

• Singapore High Court sanctioned amended scheme after August 2025 revote

• Zettai Pte Ltd. says platform will restart within 10 business days after filings with Singapore authorities

• 95.7% of voting creditors supported the plan, representing 94.6% by value; projected user recoveries: 75–80%

WazirX recovery scheme approved by Singapore High Court — read the timeline and next steps; COINOTAG explains what users should expect.

Published: October 13, 2025 | Updated: October 13, 2025 | Author: COINOTAG

What is the WazirX recovery scheme approval?

The WazirX recovery scheme approval is a Singapore High Court-sanctioned debt restructuring plan for Zettai Pte Ltd., the operator of WazirX, backed by 95.7% of voting creditors (94.6% by value) in an August 2025 revote. The sanction allows the exchange to restart operations and initiate token distributions intended to restore roughly 75–80% of frozen account balances.

How will the sanctioned scheme affect WazirX users and token distributions?

The court ruling ends a months-long freeze that affected about 6.6 million user accounts after a cyberattack that resulted in $234 million in stolen assets. Zettai has stated the platform will resume within 10 business days once the scheme becomes legally effective following regulatory filings with Singapore’s Accounting and Corporate Regulatory Authority. Token distributions are scheduled to begin after operations resume; the company projects recoveries of approximately 75–80% of account balances as of the time of the hack. The plan’s approval followed a modified voting process after low initial engagement (3.3% participation in the first vote), prompting a revised scheme and revote in August 2025.

Frequently Asked Questions

Will WazirX users recover all of their funds under the sanctioned plan?

Under the sanctioned scheme users are not guaranteed full recovery. Zettai projects token-based distributions that may restore about 75–80% of balances frozen at the time of the hack. Actual recoveries will depend on implementation, legal timelines, and final asset valuations.

When will WazirX reopen and can users access funds immediately?

WazirX said it will restart within 10 business days after the scheme becomes legally effective following the required filing with Singapore authorities. Users may not access fiat or on-platform balances until operational systems are fully restored and distributions begin.

Who sanctioned the scheme and what oversight was involved?

The sanction was issued by the Singapore High Court after creditors voted on an amended Scheme of Arrangement proposed by Zettai Pte Ltd. The legal process included an earlier rejection in June, a subsequent reversal in July, and a court-ordered revote in August 2025. Indian courts, including the Delhi High Court and Bombay High Court, have also been involved in related proceedings concerning disclosure and custody of assets.

Background and context

In one of the largest crypto-sector cyberattacks, hackers stole approximately $234 million from WazirX. Authorities attributed the attack to state-sponsored activity linked to North Korea. The incident froze trading and withdrawals, affecting an estimated 6.6 million users. Following the breach, Zettai proposed a recovery scheme centered on a recovery token mechanism and corporate restructuring. The scheme met resistance from some stakeholders and faced legal scrutiny in multiple jurisdictions, including hearings in Singapore and India.

Key legal and stakeholder developments

Key milestones include:

• June–July 2025: Singapore High Court initially rejected then revisited the scheme, directing amendments and a revote.

• August 2025: Revote saw 95.7% creditor support by number and 94.6% by value for the amended scheme.

• Indian legal actions: The Delhi High Court ordered Zettai to produce acquisition documents with Binance and disclose scheme details. The Bombay High Court allowed CoinSwitch to secure assets held on WazirX, rejecting objections from Zanmai Labs (Indian subsidiary of Zettai).

Expert perspectives

Nischal Shetty, founder of WazirX, called the sanction “a key milestone,” describing the restructuring as one of the fastest in the global crypto industry despite the scale of the hack. Crypto commentator Pushpendra Singh emphasized that transparency and prompt execution will be critical to restoring user trust and ensuring the recovery process is effective.

Key Takeaways

• Court sanction: Singapore High Court approved the amended Scheme of Arrangement, enabling legal effectiveness once regulatory filings are complete.
• User impact: Token distributions are expected to commence after restart; projected recoveries are roughly 75–80% of frozen balances.
• Ongoing oversight: Indian courts continue to scrutinize disclosure and asset custody issues; multiple legal steps remain before full resolution.

Conclusion

The Singapore High Court’s sanction of the WazirX recovery scheme marks a significant legal and operational turning point for Zettai Pte Ltd. and affected users. With 95.7% creditor backing, the plan paves the way for the platform to resume within days and for token distributions intended to restore the majority of frozen funds. COINOTAG will continue to monitor official filings from Singapore courts and statements from Zettai and report updates as the implementation proceeds.

“Scheme of Arrangement Sanctioned by the Singapore High Court: We are pleased to share that the Singapore Court has sanctioned the Scheme proposed by Zettai in HC/SUM 940/2025 (‘SUM 940’) with modification, marking a decisive step forward in the recovery journey.” — WazirX (Twitter handle: @WazirXIndia) — October 13, 2025