The Singapore High Court rejected the restructuring plan for the WazirX cryptocurrency exchange on June 4, 2025, proposed after a massive hack in July 2024, which resulted in the loss of $235 million — nearly 45% of the exchange's assets. The plan, developed by the parent company Zettai Pte Ltd, aimed to return up to 85% of the lost funds to users through the issuance of recovery tokens and the launch of a decentralized exchange. However, the court found the plan insufficiently transparent, particularly due to discrepancies in Zettai's registration in India and plans to relocate operations to Panama under the new brand Zensui.
WazirX, serving 4.4 million Indian users, announced its intention to appeal the court's decision, emphasizing its desire to start payouts as soon as possible. Users express outrage, accusing the exchange of delays and lack of transparency, with some even suspecting fraud. The legal process complicates the restoration of trust in the platform, and refusal could lead to liquidation, delaying payouts until 2030.
WazirX is actively collaborating with the authorities of the USA, Japan, and South Korea to recover stolen assets, including freezing $3 million in $USDT. Stay tuned for updates on how events unfold! Subscribe to #MiningUpdates
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