Preface

The landmark decision by Singapore’s High Court to approve the restructuring scheme of Zettai Pte. Ltd. marks a pivotal moment for WazirX. Following a devastating hack last year, this approval enables the Indian crypto exchange to resume its operations, offering a beacon of hope to those affected by the $230 million security breach.

Lazy bag

WazirX is poised for a comeback with renewed security measures and strategic partnerships. The exchange’s approved restructuring promises a swift return to operations and a brighter future for affected users.

Main Body

In a significant legal development, Singapore's High Court has sanctioned the restructuring plan of Zettai Pte. Ltd., paving the way for the reemergence of WazirX, a major Indian cryptocurrency exchange. This movement comes after the exchange suffered the country's largest crypto hack, reportedly orchestrated by the infamous Lazarus Group, resulting in a $230 million heist. With this approval, WazirX is set to revive its operations and aims to resume within 10 business days of the legal enactment of the scheme, potentially by the end of October.

The decision followed a substantial re-vote in August, where the reorganization plan received overwhelming support from creditors, with 95.7% by number and 94.6% by value endorsing the proposal. WazirX’s founder, Nischal Shetty, has expressed confidence that the platform will be operational before October concludes.

Post-revival, users affected by the 2024 hack are expected to gain renewed access to the platform, with initial distributions anticipated shortly thereafter. Recognizing the critical need for enhanced security, WazirX plans to partner with BitGo, a U.S.-based custodian, in a strategic move to protect assets and rebuild investor trust. This collaboration is aligned with new regulatory and security requirements established in the wake of the hack.

A pivotal element of WazirX’s refund strategy includes launching a Decentralized Exchange (DEX), issuing recovery tokens that are tradeable, and executing periodic buybacks of these tokens using profits and new revenue channels. The hack, rooted in a private key interception incident, involved accusations between WazirX and its custody provider, Liminal. However, the culpability debate continues, with Liminal denying responsibility.

The hacker utilized Tornado Cash to launder the stolen funds, adding complexity to the recovery efforts as tracked by CoinDesk in September 2024. Despite formidable obstacles, WazirX has been striving to recuperate the lost funds, albeit with limited success thus far.

In the broader market context, August 2025 saw centralized exchanges experiencing a 7.58% surge in combined spot and derivatives trading, reaching a peak of $9.72 trillion, a record high for the year. Notably, Gate exchange exhibited a remarkable 98.9% increase in volume, rising to $746 billion and surpassing Bitget to become the fourth-largest platform. Open interest in derivatives across centralized exchanges also increased by 4.92% to $187 billion.

BTC's open interest recovered to approximately $26 billion, with the 3-month annualized basis reverting to 6–7%, suggesting a renewed bullish market sentiment. Funding rates, however, remain varied; with Bybit and Hyperliquid at near +10%, contrasting Binance’s negative rates, hinting at trader divergence. The Put/Call Volume ratio skewed toward calls with a week's skew climbing to 2.5%, indicating a demand for upside potential.

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