The Singapore High Court has scheduled WazirX’s restructuring hearing for October 13 at 7:30 AM IST, marking the next chapter in the Indian crypto exchange’s long recovery battle following its $230 million hack in July 2024.
The hack wiped out over 55% of WazirX’s assets, forcing its Singapore-based parent company, Zettai Pte Ltd, to seek court protection and propose a “Scheme of Arrangement” to repay users and revive operations. While more than 93% of creditors reportedly approved the plan, the court demanded revisions, citing transparency, asset recovery, and legal compliance concerns.
The upcoming virtual sanction hearing—rescheduled from October 9 due to counsel unavailability—will examine new evidence, payout formulas, and details on fund recovery. Zettai’s lawyers will argue for the plan’s fairness, while objectors and creditors can respond virtually.
Frustration among users is rising, as the rescheduled hearing means victims won’t receive payouts before Diwali, a time symbolizing prosperity.
Adding intrigue, Binance has entered discussions, possibly influencing cross-exchange asset tracing. The two firms share a tense history following a failed acquisition deal.
Under Singapore’s Companies Act, the court must verify the plan’s fairness and feasibility before approval. If sanctioned, WazirX promises to begin asset redistribution within 10 business days, though no firm timeline is guaranteed.
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