WazirX Restructuring Plan Blocked by Singapore High Court

WazirX’s bid to restructure and compensate victims of a $230 million hack has been rejected by the Singapore High Court, putting the exchange’s recovery roadmap in limbo.

The crypto platform, which suffered the massive loss in July 2023 during an attack attributed to North Korea’s Lazarus Group, had sought court approval for a restructuring plan backed by over 93% of its creditors.

Parent company Zettai claimed earlier this year that approval would have enabled swift initial repayments within 10 business days of activation.

READ MORE:

Ethereum Gaining Ground as Institutional Favorite for Financial Infrastructure

In a statement released Wednesday, WazirX confirmed the court’s decision and said it is actively weighing an appeal.

“Our main priority is to begin distributions promptly,” the company noted, adding that legal teams are now exploring available options.

The court’s refusal adds fresh uncertainty to the exchange’s recovery timeline, despite broad creditor support for the proposed plan.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.