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Key Notes
- Singapore’s ACRA approved the restructuring plans for WazirX India, after 95% creditor approval.
- The court-sanctioned plan allows WazirX users to regain access to frozen funds through a combination of crypto, cash distributions, and Recovery Tokens (RTs).
- Eligible users will get a pro-rata share of the platform’s future revenue, recovered stolen funds, and potential profits.
The Singapore exchange has officially cleared the restructuring plan for defunct Indian crypto exchange WazirX, which suffered a massive $240 million hack in July 2024.
Company founder Nischal Shetty confirmed that they would kickstart operations within 10 working days.
Singapore’s ACRA Approves WazirX Restructuring Plan
Indian crypto exchange WazirX is set to resume operations within the next 10 business days. The announcement comes following the formal submission of its court-approved restructuring plan to Singapore’s Accounting and Corporate Regulatory Authority (ACRA) on October 15.
The filing comes after the High Court of Singapore approved the restructuring scheme last week. More than 95% of creditors voted in favor, thereby marking the final step in WazirX’s recovery process.
The exchange’s initial restructuring proposal was rejected in June 2025 over low creditor participation and procedural issues. Under the newly court-sanctioned plan, users will regain access to their frozen funds via a mix of crypto, cash distributions, and recovery tokens.
The phased reopening is designed to manage liquidity and operational risks while enabling orderly withdrawals.
WazirX has partnered with global custodian BitGo to enhance fund security, with strengthened custody measures and third-party oversight forming key components of the plan.
The latest announcement comes as crypto exchange Coinbase has been expanding its footprint in India, with a fresh CoinDCX investment.
The completion of the court proceedings and the subsequent filing with ACRA clears the way for the implementation phase. During this period, users will receive distributions and Recovery Tokens under the approved Scheme.
The ACRA filing in Singapore was completed yesterday, 15th October, marking the scheme’s effective date! ✌️
As per the scheme, we need to restart @WazirXIndia before 30th October.
The team is working at full speed to make this happen, and we’re aiming to get it done even…
— Nischal (Shardeum) 🔼 (@NischalShetty) October 16, 2025
Who Will Be Eligible for Recovery Tokens?
WazirX, once India’s largest crypto exchange by trading volume, suspended operations following a cyberattack and liquidity shortfall in early 2024. Since then, the platform has been navigating a recovery under Singaporean jurisdiction, where its parent company is registered.
The court ruling comes after a prolonged freeze for WazirX’s 6.6 million users, who have been unable to access their accounts since the July 18, 2024 hack.
Users who held assets on the platform before the hack are eligible to receive Recovery Tokens (RTs) on a pro-rata basis based on their approved claims. These tokens give users a share of the platform’s future revenue, any recovered funds, and potential profits.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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