rewrite this title WazirX Nears Comeback as Singapore Court Sets May Hearing on $234M Restructuring Plan – Decrypt

WazirX, the crypto exchange crippled by a massive hack last year, said it will be on track to resume operations and make its first payments to creditors following a court hearing in Singapore next month.

The company announced on Monday that its parent company, Zettai, has completed all necessary steps leading up to a May 13 sanction hearing at the Singapore High Court, where Zettai is based. 

The court will decide whether to approve the company’s restructuring and user compensation scheme.

“While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process,” WazirX said in a statement on X. 

It added that, if approved by the court, its first distribution and relaunch will occur within 10 business days of the scheme’s effective date.

The hearing marks the latest step in WazirX’s recovery efforts after it suffered one of the biggest crypto heists of 2024. In July, hackers stole approximately $234.9 million in digital assets—nearly 45% of the platform’s holdings—from a Safe Multisig wallet. 

The attack, attributed to North Korean state actors, resulted in the exchange freezing user withdrawals and sparked concerns across India’s crypto sector, where the majority of its users are based.

WazirX fell victim to the attack during a bumper year for hackers and crypto thieves. Around $2.2 billion in crypto was stolen in 2024, according to Chainalysis, an increase of 21% over the previous year.

Roughly $1.34 billion in theft across 47 incidents was attributed to North Korea, representing 61% of the stolen amount.

The next step for WazirX will be the Singaporean court’s ruling on whether to approve WazirX’s restructuring plan. In a key vote earlier this month, 93.1% of creditors approved WazirX’s restructuring plan, representing 94.6% by value.

A total of 141,476 creditors representing nearly $196 million in approved claims participated in the vote. Nischal Shetty, Founder of WazirX, said he was “grateful for the strong vote of confidence”.

The plan includes the issuance of Recovery Tokens, which will be tradable and subject to periodic buybacks. WazirX also plans to launch a decentralized exchange.

The company previously warned that without approval, repayments could be delayed until 2030 due to legal and logistical uncertainties. 

Edited by Sebastian Sincliar