WazirX’s Proposed Scheme of Arrangement Hearing Set for Oct 13

Key Highlights:

• Court hearing scheduled for October 13, 2025 to consider WazirX's proposed Scheme of Arrangement.
• The Scheme of Arrangement consists of a design that allows a structured payment to its July 2024 hack affected users.
• If the Scheme of Arrangement is approved, within 10 days, distribution process will begin.

A certain exchange posted on their social media platform X and updated its users that the Singapore High Court has set a hearing on October 13, 2025, regarding its proposed Scheme of Arrangements. The connection details are not yet been shared but will be shared closer to the date. The update has come after the company submitted written filings before the Singapore High Court last month.

The exchange's update to users regarding the set Court hearing date

Background

This hearing is an important step in the exchange's restructuring plan, which began after hackers stole about $234 million from its multisignature wallets in July 2024. Even though the platform used precautionary measures such as multisignature approvals , hardware wallets, and address whitelisting, attackers managed to trick key signatories into approving a malicious smart contract, which later bypassed controls and drained funds. The breach has been linked to the North Korean Lazarus Group, a cybercrime outfit notorious for large-scale attacks on financial institutions.

Right after the attack, the exchange froze all trading and withdrawals so that there were no further losses. This suspension caused regulatory scrutiny and created a major legal and operational hurdles for the exchange. The exchange then decided to launch the Scheme of Arrangements through which it would control the caused damage and work towards repaying the affected users. According to this Scheme of Arrangement, the creditors will have a structured claims process with added transparency and court oversight.

Understanding the Scheme of Arrangement

A Scheme of Arrangement in Singapore is a legal process through which the company creates a binding agreement with its creditors and stakeholders, but only after the court approves it. With this method, companies have a chance to recover, that too at a faster rate. The exchange's plan explains how it plans to recover the lost assets, return funds to affected users, and restart core services once the scheme is cleared by the court.

The October 13 hearing comes after the exchange filed a written submission with the High Court, following its months of financial checks, forensic reviews, and talks with stakeholders. The court will now be studying the submitted documents and will decide if the scheme can go ahead to a creditor vote and then be implemented.

The company, along with the announcement on X, also urged users to remain patient and support them as the legal process proceeds. "Thank you for your continued support and patience," the exchange wrote.

What's Next for Users?

The results of the Singapore High Court hearing will be important for users who are hoping to get access to their funds. If the court approves the scheme's plan, the exchange can move ahead and hold meetings with creditors, secure a vote, and then begin execution. This could also allow trading and withdrawals to restart, at least partly.

This case also highlights the challenges in crypto, where unclear rules and regulations, and management issues can easily slow down the recovery process.

If the Scheme of Arrangement is approved, the exchange will distribute approximately 85% of users' rebalanced crypto assets within the next 10 business days. Also, the users will receive Recovery Tokens, which entitle them to future recoveries and profit sharing. This will allow the exchange to restart quickly.

The exchange has promised updates while users wait for a ruling that could restart recovery and bring stability to the exchange.