Singapore Court hears WazirX – HC/OA 1284/2024 is extended, and the company is permitted to present additional arguments for its application for the Scheme of Arrangement.
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More on the Ongoing WazirX Case Updates
It is worth recalling that WazirX is one of the largest cryptocurrency exchanges in India but has faced serious challenges following a $230 million hack. As a result, its parent company, Zettai, initiated the formation of a Committee of Creditors (COC), a mechanism for financial restructuring when a company faces threats of insolvency or loss of trust from partners and clients. On June 4, the Singapore Court dismissed Zettai’s original Scheme of Arrangement application (SUM 940).
However, according to the company’s latest statement, the Court has now granted its request to present further arguments in the same case (HC/OA 1284/2024). Simultaneously, the Court extended the existing moratorium – originally set to expire on 6 June 2025 – until a final ruling is issued following the new submissions.
The company is currently awaiting the court’s guidance on next steps. Meanwhile, WazirX has committed to keeping its users informed as new information becomes available.
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Conclusion
Not every platform can recover reserves and restore liquidity as quickly as Bybit did. Major breaches can have long-lasting consequences for crypto platforms and may even lead to their closure. However, if the platform has sufficient structural resilience, it may be able to withstand the pressure – and hopefully, WazirX will not disappoint its users. Stay tuned for the latest updates in crypto, blockchain, and regulations.
