The Singapore High Court has approved Zettai Pte Ltd’s request to convene a meeting with creditors of the crypto exchange WazirX, allowing the company to present its restructuring proposal.
The decision is a critical step in Zettai’s efforts to address debts and recover from the $230 million hack of WazirX linked to North Korea’s Lazarus Group.
Court approval
The court also granted a 16-week moratorium, shielding Zettai from legal actions while it seeks to implement the plan. Creditors will be invited to review the proposed Scheme of Arrangement, which outlines how assets will be distributed and how the platform can resume operations.
The court further permitted adjustments to the meeting process to encourage broader participation among WazirX users, many of whom have remained inactive.
Allegations from some creditors that Zettai was complicit in the cyberattack were dismissed due to a lack of evidence. Investigations by the US, Japan, and South Korea identified the Lazarus Group
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