The Singapore High Court has approved Zettai Pte. Ltd., paving the way for the reopening of Indian crypto exchange WazirX less than a year after it was crippled by the largest hack of any crypto business in the country.
The sanction order follows a new vote in August which saw 95.7% of creditors by number and 94.6% by value support the plan.
“As soon as the program becomes legally effective, we will restart platform operations within 10 business days,” said Nischal Shetty, founder of WazirX. If all goes as planned, WazirX could resume operations before the end of October, marking a rare, court-supervised resurrection in the world of foreign exchange.
Users affected by the hack should regain access to the platform and see the first distributions shortly after restarting.
WazirX will also partner with US custodian BitGo to strengthen asset protection ahead of relaunch, a move aimed at restoring user confidence and meeting new regulatory and security benchmarks.
Part of the redemption plan involves launching a decentralized exchange (DEX), issuing tradable recovery tokens, and performing periodic redemption of recovery tokens using platform profits and new revenue streams.
WazirX users lost more than $230 million in a security breach led by the Lazarus Group in July 2024 after an apparent private key interception, which the exchange attributed to its custody provider, Liminal, a claim the latter rejected, instead pointing to vulnerabilities on WazirX’s side.
The hacker laundered all the stolen funds to various addresses using Tornado Cash to hide transactions, as CoinDesk reported in September 2024, dashing hopes of a full recovery. WazirX has since worked to recover the funds with limited success.
