WazirX Secures Court Extension Amid Post-Hack Restructuring Efforts

WazirX, formerly India's largest cryptocurrency exchange by trading volume, has obtained a critical extension from Singapore's High Court as it navigates recovery from a $234 million hack and mounting user dissatisfaction. The court granted additional time for the exchange to present revised arguments supporting its restructuring plan, while extending a moratorium against creditor lawsuits.

The breach in July 2024, one of Asia's largest crypto platform hacks that year, exposed security vulnerabilities that drained customer wallets. WazirX's subsequent reimbursement efforts faltered amid regulatory scrutiny, communication breakdowns, and disputes with parent company Zettai Pte Ltd.

In a bid to restore confidence, WazirX proposes transferring core operations to Panama-registered Zensui Corporation—a strategic MOVE intended to distance the exchange from Zettai's corporate entanglements. The Scheme of Arrangement seeks to address claims from creditors and over 400,000 affected users globally.