🚫 Singapore Court Rejects WazirX Restructuring Plan: What’s Next for Investors?
Crypto exchange WazirX has hit a major legal roadblock. Its restructuring proposal, aimed at compensating users affected by last year's $230M wallet hack, was struck down by the Singapore High Court.
🔍 What Was the Plan?
The proposed plan, supported by 93.1% of voting creditors (representing 94.6% in value), was designed to:
- Enable token distributions to affected users
- Resume partial functionality after nearly a year of frozen access
- But despite strong backing from creditors, the court has declined approval.
“While this outcome was not what we anticipated, we respect the Court’s decision and remain fully committed to complying with all legal and regulatory processes,” WazirX stated via X on June 4.
⚖️ What's Next for WazirX?
The exchange now needs to rethink its strategy, with customer frustration mounting. Many users are eager to reclaim their assets before the next bull run.
WazirX confirmed:
- It is exploring all legal options
- An appeal against the decision is underway
- The decision does not affect NLPA (Net Liquid Platform Assets), which are reportedly safe
💼 Where Does WazirX Go From Here?
- Rumors suggest WazirX is:
- Relocating to Panama
- Establishing a new subsidiary named Zensui Corporation
However, no official confirmation has been provided by the company as of now.
💬 Investor Outlook
The exchange had earlier assured users that, if approved, distributions would begin within 10 business days of the plan’s effectiveness. Now, with the court ruling against it, timelines remain uncertain.
As the situation unfolds, WazirX users await clarity and action—hoping the next move finally unlocks access to their long-held digital assets.
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