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Singapore Court Grants WazirX Reprieve in Restructuring Case
Singapore Court Grants WazirX Reprieve in Restructuring Case
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BTCCSquare news:
The Singapore High Court has allowed WazirX to present additional arguments in its restructuring proceedings, extending the moratorium period until June 2025. The Indian cryptocurrency exchange, now rebranding as Zensui Corporation, seeks court approval for its Scheme of Arrangement—a potential pathway to resolving user repayments stalled since the platform's $234 million hack in July 2024.
WazirX's earlier pledge to return 85% of user balances remains unfulfilled amid legal complexities. The extended moratorium offers a final opportunity to restructure while thousands of creditors await resolution. Market observers note the case could set precedents for cross-border crypto insolvencies involving exchanges with fragmented operational bases.
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