It is extremely unlikely WazirX customers will be made whole in crypto terms through the hacked cryptocurrency exchange's restructuring process, its legal advisers said.

On a conference call with journalists that included the Indian company's co-founder Nischal Shetty, the advisers said customers will probably lose at least 43% of the money they had in WazirX. The best case scenario is a return of anywhere between 55% and 57% of the funds, said George Gwee, a director at restructuring experts Kroll.

On Tuesday, the Singapore High Court will hear WazirX's request for six months' protection while it restructures its liabilities after losing $234 million, some 45% of customers' funds, to a hack in July. The request was made by Singapore-incorporated Zettai, whose subsidiary Zanmai India operates the exchange.

Shetty said the numbers are as of Monday, and the objective is to reduce the gap.

"You're not in a position to see it today because we're in negotiation, in ideation stage," Shetty said. "Over the next several weeks, it will be easier and clearer on each stage where we can fill the gap."

Kroll managing director Jason Kardachi said the figures could change if a so-called white knight steps in or if the funds are recovered, among other options previously mentioned .

"In crypto terms, it's extremely unlikely that we can make people whole," Kardachi said. "So, whatever profits we generate or contributions from white knights or third parties can help improve the recovery in crypto terms. But I don't think it's realistic to think that we could ever make people whole when half or thereabouts of the crypto has suffered from the cyber attack."

If the crypto market improves, customers may retrieve more of their investments in dollar terms, Kardachi said. Improved profitability or cash inflows from white knights are unlikely to fill the gap, he said.

The exchange's ownership dispute with Binance, the world's largest crypto exchange, also figures in the calculation. Shetty and the legal advisers said that confidentiality restrictions prevent them from saying anything about that wrangle.

Even so, "55% of the funds can be made available before the ownership dispute with Binance is settled," Kardachi said.

Read More: WazirX Asks Singapore Court for 6 Months to Restructure Liabilities as CoinSwitch Weighs Legal Action

UPDATE (Sept. 2, 09:20 UTC): Adds quotes from Shetty, Kroll, possible sources of funds starting in fourth paragraph.