What happened?
WazirX won Singapore High Court approval for its debt restructuring scheme, CEO Nischal Shetty announced. The approval caps months of revisions and creditor engagement after last year’s hack and a moratorium to protect assets. The plan lets the exchange begin token distributions within 10 business days and could restore about 85% of users’ balances if all goes as expected.
Who does this affect?
It directly affects more than 149,000 account holders and creditors with about $206.9 million in validated claims. The decision also involves WazirX’s Singapore parent Zettai, its Indian arm Zanmai Labs, and Binance as the 2019 acquirer of Zettai. Regulators, other exchanges, and market participants watching recovery and custody precedents are impacted too.
Why does this matter?
Resuming withdrawals and trading could bring liquidity back to affected tokens and ease selling pressure, which may help lift prices and improve market sentiment. A court-approved, court-supervised scheme under Singapore law sets a recovery precedent that could boost confidence in handling hacked exchanges and reduce contagion risk. Still, timing, final recoveries, and possible legal or regulatory hurdles mean markets may react cautiously and volatility could continue until distributions and operations fully normalize.