WazirX Funds Recovery Back on Track as Singapore High Court Orders New Creditor Vote

Key Points

1. The Singapore High Court set aside its June 4, 2025, order rejecting WazirX’s restructuring plan and ordered a new creditor vote on an amended plan.

2. WazirX’s parent company presented further arguments leading to the court’s decision to extend Zettai’s moratorium protection.

3. The platform may reopen under Indian jurisdiction if the court sanctions the plan, with Zanmai facilitating fund distributions.

4. WazirX founder Nischal Shetty announced plans to launch Proof of Reserves (POR) after the platform restarts.

5. The exchange initially pledged to return 85% of user balances but faced delays due to legal objections and regulatory issues.

6. The hack in July 2024 exposed vulnerabilities and ownership conflicts between Zettai and Binance, complicating recovery efforts.

7. WazirX plans to issue recovery tokens as on-chain IOUs for unrecovered funds, though their value remains speculative.