Singapore Court Approves Zettai’s Restructuring Plan for WazirX Creditors
Varahi media.com online news,India, 28th January, 2025: In a major milestone, the Singapore High Court has granted Zettai Pte Ltd approval to convene a scheme meeting with creditors of

Varahi media.com online news,India, 28th January, 2025: In a major milestone, the Singapore High Court has granted Zettai Pte Ltd approval to convene a scheme meeting with creditors of cryptocurrency exchange WazirX. This move marks a significant step in Zettai’s efforts to distribute assets tied to WazirX and revive the platform’s operations.
The Court has also provided a 16-week moratorium, offering legal protection and time to implement the restructuring process effectively.

Additionally, Zettai has been authorized to amend the scheme meeting process, allowing for broader user participation and streamlining the restructuring efforts.
The Court rejected allegations of abuse of process and found no substantial evidence of misconduct by Zettai. These findings align with a recent joint statement from the United States, Japan, and South Korea, which identified the North Korean Lazarus group as responsible for a cyberattack on WazirX.
The Court also acknowledged that while some creditors object to Zettai’s application, a silent majority of users may support it but have chosen not to actively participate in the process.
Zettai reaffirmed its commitment to addressing user concerns and implementing a structured recovery plan to benefit WazirX users.

Key Highlights of the Approved Scheme
- Debt Restructuring Framework: A systematic approach to reorganize WazirX’s liabilities and maximize returns for users.
- Token Distribution: Rebalanced platform assets will be distributed as tokens to creditors within 10 business days of the scheme’s effective date.
- Recovery Token Implementation: Issuance of recovery tokens (RTs) and a mechanism for distributing recoveries through RT purchases.
- Platform Reactivation: Plans to relaunch WazirX with advanced features, including a decentralized exchange (DEX).
- Profit-Sharing Model: Net profits generated over a 36-month period will fund the purchase of RTs for user recovery.

Leadership Remarks
“I express my gratitude to the Court for granting us leave to convene the scheme meeting and recognizing our efforts,” said Nischal Shetty, Founder of WazirX. “We are committed to expediting user recoveries and urge all users to support the scheme by voting in its favor.”
This Court decision represents a pivotal moment for WazirX’s restructuring, offering a path forward for users and stakeholders.