Singapore Court Rejects WazirX Restructuring Plan, Leaving Users in Limbo

The Singapore High Court has delivered a crushing blow to WazirX, denying the Indian exchange's proposed restructuring plan that sought to address the fallout from last year's $230 million hack. Over 4.4 million users now face indefinite delays in recovering locked funds, with the court's decision freezing all withdrawal processes.

WazirX had projected April 2025 as a potential start date for distributions, but the judicial rejection has obliterated that timeline. The exchange's contingency plans—including a decentralized exchange launch, recovery tokens, and liquidity buybacks—lie in tatters. Retail investors and traders who depended on WazirX confront mounting frustration as legal uncertainty prevails.

While the company hints at possible appeals, no concrete path forward has been established. The moratorium period ending June 6 remains the sole glimmer of hope for affected users, though its efficacy now hangs in the balance.