Singapore court approves WazirX request to revote on creditor scheme

The Singapore High Court just gave the green light for a revote on the hacked WazirX crypto exchange restructuring plan. The court reversed its June 4 ruling rejecting WazirX’s restructuring proposal. This would allow the Indian crypto exchange to reopen and begin reimbursing users within weeks.

The revised plan, submitted by WazirX’s parent firm Zettai, aims to resolve earlier regulatory objections. It is particularly concerned about Panama-based Zensui and its compliance under Singapore’s Financial Services and Markets Act (FSMA).

Earlier, the US, Japan, and South Korea had issued a joint statement, confirming that North Korea’s Lazarus Group was behind the attack.

WazirX eyes reopening

As per the amended scheme, Indian-registered Zanmai Labs will now oversee all distributions to creditors and users. Zettai and Zensui will no longer handle fund disbursement or core operations. The structural shift toward a locally regulated operator seems like a key in swaying the court.

The moratorium on Zettai has also been extended. It grants the company temporary relief from legal actions as it prepares for a creditor vote in the coming weeks. The Singaporean Court confirmed that all previous concerns raised during the June proceedings have been addressed in the updated filing.

“Zettai is committed to completing the revote process as soon as possible,” the company stated. If approved by the requisite creditor majority and sanctioned by the court, the WazirX platform will reopen, and distributions will begin under the proposed scheme promptly.

📢 Update on Court Hearing

The Singapore High Court has set aside its 4th June 2025 order in SUM 940, and has allowed a revote to be conducted based on an amended scheme. Zettai’s moratorium has also been extended. This decision follows further arguments presented by Zettai.… pic.twitter.com/j0pfywAufo

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 16, 2025

It added that the creditors’ vote will be instrumental in securing the approval of the scheme and moving forward with the First Distribution. As of now, the WazirX creditor revote is expected to take place in the coming weeks.

The crypto industry has moved ahead a lot since the Indian crypto exchange got hacked. At the time of the hack, 18 July 2024, Bitcoin was trading around $60,000-$70,000. As of now, BTC price has reached an all-time high (ATH) above $123,000. Bitcoin is trading at an average price of $118,862 at press time.

CoinDCX defends fund handling

Separately, another Indian crypto exchange, CoinDCX, denied allegations it moved user funds to unregistered entities in Lithuania. Reports suggest that CoinDCX CEO Sumit Gupta called the claims “misinformation.” It was followed by reports of WazirX raising the issue in an affidavit filed with the Singapore High Court.

Gupta has mentioned that all INR and crypto assets from Indian users have always been held by Neblio Technologies, a registered FIU-IND entity. He added that CoinDCX had no Lithuania-based entity until February 2025, and any interactions were strictly exploratory.

He added that on February 7, 2025, the exchange updated its terms of use to make Neblio Technologies the formal contracting party. This change was made to further strengthen transparency and user trust. CoinDCX CEO highlighted that they do this proactively so that the users never face challenges like those seen during the WazirX episode.

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