Singapore Court Clears Path for WazirX Reopening After Record Hack

The Singapore High Court has approved WazirX's debt restructuring plan, paving the way for the crypto exchange to reopen after a year-long hiatus. The platform halted trading in one of the industry's largest cyberattacks, which saw hackers steal $234 million from users.

The court's approval comes after 95.7% of voting creditors backed the amended scheme in an August revote, with creditors representing 94.6% in value demonstrating overwhelming support for the plan.

Nischal Shetty, founder of WazirX, described the approval as a key milestone in the exchange's recovery journey. Token distributions will begin once operations restart, with users projected to recover 75% to 80% of their account balances at the time of the hack.