WazirX customers who misplaced their funds within the $230 million (roughly Rs. 1970 crore) hack final 12 months, could have to attend longer to obtain reimbursements from the crypto alternate. On Wednesday, the Excessive Court docket of Singapore rejected WazirX’s restructuring scheme, based on an replace posted by the alternate on X (previously Twitter). This restructuring scheme, based on WazirX, was accredited by a majority of its collectors in April. Nevertheless, the crypto agency has didn’t get the approval of the court docket, which is required to execute this scheme.
In its submit on X, WazirX stated that it didn’t anticipate this end result. “Our major focus stays to start distributions as quickly as attainable. In direction of this objective, we’re at present evaluating all out there authorized choices in session with our authorized and advisory groups, and might be interesting in opposition to the choice of the Singapore Excessive Court docket,” the agency stated.
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 Alternate (@WazirXIndia) June 4, 2025
Zettai, WazirX’s majority stakeholding entity, is registered in Singapore. After one in every of its multi-sig wallets underneath Liminal Custody’s oversight was allegedly hacked final 12 months, the alternate moved a Singapore court docket 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 court docket reviewed the restructuring scheme and allowed the agency to method collectors.
4 months later, Zettai stated 141,476 collectors participated within the voting course of and a majority — 131,659 voters (or 93 %) — accredited the plan.
On Might 16, the court docket deferred the case to a different date and directed WazirX and Zettai to submit extra documentation. On the time, the court docket additionally prolonged the alternate’s moratorium till June 6. It is at present unclear whether or not WazirX will enchantment for one more extension that has safeguarded it in opposition to new authorized circumstances.
“At the moment’s resolution doesn’t influence the NLPA (web liquid platform property), which stay protected. Extra updates will observe in the end,” the alternate stated in its submit on X.
