Singapore Court Grants WazirX Extension for Restructuring Plan Amid Crypto Heist Fallout

WazirX, the Indian crypto exchange reeling from a $234.9 million hack in July 2023, has secured a critical reprieve from Singapore's High Court. Judges granted additional time to argue its restructuring proposal after initially rejecting the plan in June, extending a moratorium that shields the exchange from creditor actions.

Over 93% of creditors support the recovery blueprint, which includes relocating operations to Panama. "The Court’s decision to hear further arguments is a positive step," a WazirX spokesperson told Decrypt, emphasizing the exchange's commitment to the restructuring process.

The ruling comes as the embattled platform attempts to rebuild trust following one of the industry's most damaging security breaches. Market observers note the case could set precedents for cross-border crypto insolvencies, particularly for exchanges serving emerging markets.