Wazirx users who lost their money in $ 230 million (about Rs 1970 crore) hack last year may have to wait long to get reimbursement from Crypto Exchange. According to an update posted by X (East Twitter) by the X Exchange, the High Court of Singapore on Wednesday rejected the reorganization plan of Wazirux. According to Wazirux, this restructuring plan was approved by most of its creditors in April. However, the Crypto firm has failed to get the approval of the court, which is necessary to execute the scheme.
In his post on X, Wazirx said he did not estimate the result. “Our primary focus remains to start distribution as soon as possible. On this goal, we are currently evaluating all available legal options in consultation with our legal and advisory teams, and will appeal against the decision of the Singapore High Court,” the firm said.
The Honorable Singapore High Court issued an order to approve our proposed restructuring plan. While this result was not what we estimated, we respect the court’s decision and are fully committed to compliance with all legal and regulatory procedures.
Our primary… pic.twitter.com/jrxffwnmba
– Wazirx: Bitcoin Exchange of India (@Wazirxindia) June 4, 2025
Zettai, the majority of Wazirux is registered in the stakeholding unit, Singapore. Last year was allegedly hacked after a multi-compress wallets under the oversight of Liminal custody, the exchange transferred the Singapore court to a adjournment and sought approval from its users for a reorganization plan. Zettai has worked with Financial Reorganization Firm Crol to design its compensation roadmap in Singapore.
In January, the court reviewed the restructuring plan and allowed the firm to contact the creditors.
Four months later, Zettai stated that 141,476 creditors participated in the voting process and approved the majority – 131,659 voters (or 93 percent) – the scheme.
On 16 May, the court changed the case to another date and directed Wazirux and Zetai to submit additional documents. At that time, the court also extended the adjournment of the exchange till 6 June. It is not currently clear whether Wazirx will appeal for another expansion that has protected it against new legal matters.
The exchange said in its post on X, “Today’s decision does not affect the NLPA (Net liquid platform assets), which remain safe. More updates will be at the appointed time.”
