WazirX restructuring scheme officially approved by Singapore High Court

The Singapore High Court has sanctioned WazirX’s creditor-approved restructuring scheme with some modifications, the crypto exchange announced on Monday (October 13, 2025), more than a year after a devastating security breach that led to more than $230 million in losses. WazirX is now set to file the order with the Accounting and Corporate Regulatory Authority (ACRA).

WazirX will resume operations within 10 business days of the scheme going into effect, according to a company statement. That means token distributions to customers will restart. The exchange also announced a partnership with the custodian BitGo.

The breach took place in July last year, when a cyberattack attributed to North Korean entities targeted a multi-signature wallet managed with a company called Liminal. This led to the loss of assets worth over $230 million. WazirX delayed in informing customers about what had happened but then locked up their crypto funds for more than a year, even as Bitcoin went on to reach new all-time highs in price.

Investors at the time demanded to know why the exchange did not have an emergency fund or other measures in place in order to compensate customers in case of such a crisis.

Instead, WazirX went ahead with a restructuring exercise in Singapore, carrying out two voting rounds in order to get a scheme approved by customers and the court.

While the first proposed restructuring plan was shot down by the Singapore High Court earlier this summer, the company said that 95.7% of voting creditors representing 94.6% in value re-voted in favour of the scheme in August.

“The sanction represents a key milestone in WazirX’s journey since it marks one of the fastest restructurings in the global crypto industry, despite suffering one of the biggest cyberattacks in the history of this space. We remain fully focused on our mission towards acting in the best interests of our creditors. As soon as the scheme is legally effective based on today’s verdict, we will start platform operations within 10 business days. To everyone who stood by us with patience and belief — thank you.,” said Nischal Shetty, founder of WazirX.