Singapore Court Approves WazirX's Scheme

Tue, 14 October 2025

10:14

In a major relief for crypto exchange WazirX, its parent company, Zettai, announced that the Singapore high court has officially sanctioned its scheme of arrangement.

This comes weeks after the majority of the platform's creditors approved its revised scheme of arrangement, paving the way for redistribution of virtual digital assets (VDAs) on the platform.

The company will now file the order with the Accounting and Corporate Regulatory Authority (ACRA), following which within 10 business days of the scheme being effective, WazirX platform will restart.

The token distributions to scheme creditors will happen following the restart.

The Singapore high court has sanctioned the creditor-approved restructuring scheme proposed by the company with some modification, WazirX said.

The platform did not disclose the scheme-related modifications in a press statement.

"The sanction represents a key milestone in WazirX's journey since it marks one of the fastest restructurings in the global crypto industry, despite suffering one of the biggest cyberattacks in the history of this space. As soon as the scheme is legally effective based on today's verdict, we will start platform operations within 10 business days," said Nischal Shetty, founder, WazirX.

Eligible creditors on the platform voted in favour of the scheme in August. This was the second time the process was arranged. Around 149,000 scheme creditors participated in the revote, representing $206.9 million in claims.

Of this, around 95.7 per cent or 143,000 creditors representing $195.7 million voted in favour of the scheme.

Creditors are the investors and users who were affected by the cyberattack. The platform has 4.3 million creditors in total.

Earlier in March, platform users had voted in favour of the scheme of arrangement, which was rejected by the court. The rejection had come after the company did not disclose the incorporation details of its Panama entity during the legal process.

WazirX was allegedly hacked in July 2024, resulting in losses of over $230 million. -- Business Standard

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