WazirX customers who misplaced their funds within the $230 million (roughly Rs. 1970 crore) hack final yr, might have to attend longer to obtain reimbursements from the crypto alternate. On Wednesday, the Excessive Court docket of Singapore rejected WazirX’s restructuring scheme, in line with an replace posted by the alternate on X (previously Twitter). This restructuring scheme, in line with WazirX, was accredited by a majority of its collectors in April. Nonetheless, the crypto agency has didn’t get the approval of the courtroom, which is required to execute this scheme.
In its publish on X, WazirX mentioned that it didn’t anticipate this end result. “Our major focus stays to start distributions as quickly as doable. In the direction of this aim, we’re presently evaluating all accessible authorized choices in session with our authorized and advisory groups, and can be interesting in opposition to the choice of the Singapore Excessive Court docket,” the agency mentioned.
The Honourable Singapore Excessive Court docket issued an order declining to approve our proposed restructuring plan. Whereas this end result was not what we anticipated, we respect the Court docket’s resolution and stay totally dedicated to complying with all authorized and regulatory processes.
Our major… pic.twitter.com/jrXFFwnMBA
— WazirX: India Ka Bitcoin Trade (@WazirXIndia) June 4, 2025
Zettai, WazirX’s majority stakeholding entity, is registered in Singapore. After one in all its multi-sig wallets below Liminal Custody’s oversight was allegedly hacked final yr, the alternate moved a Singapore courtroom for a moratorium and sought approval from its customers for a restructuring scheme. Zettai has labored with monetary restructuring agency Kroll to design its reimbursement roadmap in Singapore.
In January, the courtroom reviewed the restructuring scheme and allowed the agency to method collectors.
4 months later, Zettai mentioned 141,476 collectors participated within the voting course of and a majority — 131,659 voters (or 93 p.c) — accredited the plan.
On Might 16, the courtroom deferred the case to a different date and directed WazirX and Zettai to submit further documentation. On the time, the courtroom additionally prolonged the alternate’s moratorium till June 6. It is presently unclear whether or not WazirX will enchantment for an additional extension that has safeguarded it in opposition to new authorized circumstances.
“Right this moment’s resolution doesn’t influence the NLPA (web liquid platform property), which stay secure. Extra updates will comply with in the end,” the alternate mentioned in its publish on X.
