The Singapore High Court refused to approve WazirX’s proposed plan to repay its creditors on June 5, 2025. The exchange had hoped to begin payments as early as April 2025. Now, the timetable for refunds is unclear.
WazirX told creditors it respects the court’s call. The company said it remains committed to following all legal steps and will work to start payments soon.
Background: Hack and Initial Approval
WazirX faced a crippling attack by North Korea’s Lazarus Group that stole $230 million. After the hack, the exchange sought court protection to avoid being liquidated.
In January 2025, the Singapore court gave initial approval to its recovery plan. Over 93% of creditors backed the proposal. The plan promised to share recovered assets and restart trading within ten business days of approval.
Exchange’s Response and Next Steps
With the court’s decline, WazirX says it will look at all legal options, including an appeal. The exchange assured creditors that its Net Liquid Platform Assets remain stable.
It stressed that it has faced past challenges and emerged stronger. WazirX pledged to keep providing updates as new steps unfold.
Original Restructuring Scheme
Under the proposed plan, creditors would vote on whether to accept the terms. Once approved, payouts would run within ten business days. The plan also called for launching a decentralised exchange and issuing recovery tokens.
WazirX planned to do periodic token buybacks to support liquidity. Now, that plan cannot move ahead as drafted. If WazirX cannot secure a new route, it may face full liquidation. That would mean assets get sold at low prices and creditors receive less than expected.
Corporate Shift to Panama
WazirX, which serves mainly Indian customers but was based in Singapore, is moving to Panama. Its parent, Zettai, will change its name to Zensui and keep running from Panama.
Observers say this move follows Singapore’s new rule that unlicensed crypto firms cannot serve overseas clients. Crypto analyst Sonu Jain noted that WazirX chose relocation over getting a Singapore license.
The court’s recent ruling prolongs uncertainty for WazirX and its creditors. With the restructuring plan stalled, the exchange must find fresh legal paths or risk liquidation.
As WazirX shifts its base to Panama, customers and investors will watch closely. Only time will tell if the exchange can rebuild and meet its promises. The exchange, which suffered a $230 million hack, now faces uncertainty over its financial roadmap.
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