India’s top cryptocurrency exchange, WazirX, received approval from the Singapore Court for its restructured recovery plan on Monday. The Court’s nod sets the stage for a relaunch and resume trading and other activities in 10 days. The leading cryptocurrency platform will also compensate users in the restructuring plan via token distributions before operations resume. The trading platform has confirmed that trading activities will resume in 10 working days.
“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,” announced Wazirx. They added, “Post-filing the order, the Wazirx platform will restart within 10 business days, as originally envisioned.”
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WazirX To Resume Trading in 10 Days
Zettai Pte Ltd, the parent company of WazirX, said that the platform aims at 85% fund recovery. This will be split into an immediate distribution of around 52% in liquid cryptocurrency. The rest of the funds will come in the form of Recovery Tokens (RTs). “This milestone brings us to the final stage of restructuring, ensuring that all promised benefits under the Scheme are preserved and paving the way for distributions, trading, and the issuance of Recovery Tokens to begin,” they wrote.
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WazirX also recognized users’ patience as all trading activities and funds were frozen for 15 months. The firm was transparent in every dealing by updating all Court proceedings via email. Also, the company was committed to maintaining transparency as trading came to a halt.
For the uninitiated, WazirX was hacked in July 2024 as a scamster drained $235 million worth of funds. The company announced the halt of all trading activities and got embroiled in legal woes. Moreover, the majority of the stolen funds were moved to North Korea, which the firm is unable to recover. The relaunch has spurred enthusiasm among investors who can finally get a part of the money back.