WazirX Restructuring Plan Rejected By Singapore High Court; Crypto Firm to Appeal Decision

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WazirX users impacted by last year’s $230 million hack face further delays in recovering their funds. The High Court of Singapore rejected WazirX’s proposed restructuring scheme, despite its earlier approval by a majority of creditors in April. This court rejection halts the scheme’s implementation, as judicial approval is necessary for execution.

The exchange expressed disappointment with the outcome, stating they are evaluating their options, including potential appeals or alternative strategies, to compensate affected users. This setback prolongs the uncertainty for those who lost funds in the significant security breach, leaving them waiting for a resolution to the reimbursement process. The exchange assures users that they are working to find a solution.

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