WazirX Users Could Recover Funds as Singapore Court Reverses Ruling

The Singapore High Court has overturned its previous decision, clearing the path for a revote on WazirX's restructuring plan. This could enable the Indian crypto exchange to resume operations and distribute frozen user assets.

WazirX shuttered services last July after a $234 million hack attributed to North Korea's Lazarus Group. The breach drained nearly half of the exchange's reserves, forcing indefinite suspension of withdrawals. Parent company Zettai PTE LTD's restructuring proposal initially gained creditor approval but faced regulatory objections in June.

The court's reversal signals potential relief for affected traders. A successful revote would mark a rare recovery in crypto exchange insolvencies, though challenges remain regarding compliance with Singapore's FSMA regulations and the involvement of offshore entities.