Embattled Indian crypto exchange WazirX has secured court approval for its long-awaited restructuring plan.
Summary
- WazirX announced that the Singapore High Court has approved its restructuring plan, reversing an earlier rejection in September 2025.
- The exchange is expected to move forward with repayments and recovery measures.
- WazirX lost about $230 million in a July 2024 cyberattack linked to North Korea’s Lazarus Group, affecting thousands of users.
In an October 13 post on X, WazirX co-founder and CEO Nischal Shetty announced that the Singapore High Court has approved the company’s restructuring scheme. This marks the formal end of the months-long legal standoff and a crucial step in the exchange’s ongoing efforts to recover from its 2024 collapse.
“Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme,” the CEO wrote.
The approval marks a reversal of the court’s earlier position. In September, the same court rejected a previous proposal, citing fairness and feasibility issues. That ruling had drawn strong criticism from the exchange’s creditors, many of whom accused executives of delaying repayments and hiding behind legal processes.
What the court’s nod means for WazirX and creditors
The India-based crypto exchange lost about $230 million in a July 2024 cyberattack that the U.S. Department of State linked to North Korea’s Lazarus Group. The breach wiped out nearly half of the company’s assets and left thousands of users locked out of their funds.
Since then, WazirX has pursued multiple restructuring efforts, with the latest plan
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Author: Grace Abidemi
