Overview

• Singapore’s High Court approved Zettai Pte. Ltd.’s creditor-backed scheme after an August re-vote that passed with 95.7% by number and 94.6% by value.
• The plan becomes legally effective after a filing with Singapore’s Accounting and Corporate Regulatory Authority, with WazirX targeting a restart and initial token distributions within 10 business days.
• Affected users are projected to recover a majority of balances, with reports citing roughly 75% to 85% recoveries based on valuations at the time of the July 2024 hack.
• WazirX outlines recovery tokens, a DEX launch, and periodic buybacks as part of repayments, and says it will strengthen custody through a partnership with U.S.-based BitGo.
• Implementation risks persist, including Indian court scrutiny of past Binance ties, a custody attribution dispute with Liminal, and laundering of stolen funds through Tornado Cash that limits clawbacks.