Singapore High Court Orders Revote on WazirX Restructuring Plan, Potentially Unfreezing $230M Hack Funds

The Singapore High Court has reversed its June 2025 rejection of WazirX's restructuring proposal, ordering a fresh creditor vote on an amended scheme. This judicial U-turn extends moratorium protections for parent company Zettai and revives hopes for users locked out since the July 2024 breach.

Court documents reveal the decision followed intensified legal arguments from Zettai, now rebranded as Zensui Corporation. Approval WOULD enable WazirX to resume operations under Indian subsidiary Zanmai, initiating long-delayed distributions to affected traders.

The ruling comes twelve months after transparency concerns derailed initial proceedings, when undisclosed corporate relocation to Panama nearly collapsed the recovery effort. Market observers note the case could set precedents for cross-border crypto exchange insolvencies.