WazirX obtained a crucial extension from the Singapore court to restart the restructuring plan after Hacker attacks

PANews reported on June 25th that the Singapore High Court has approved the extension of WazirX’s legal protection period, seeking the final restructuring opportunity for this Indian exchange mired in a $234 million Hacker incident. The court allows it to present new arguments supporting the revised restructuring plan, postponing creditors’ lawsuits until the final ruling. The exchange had previously planned to transfer its core business to the new entity Zensui Corporation in Panama, proposing the issuance of ‘Recovery Tokens’ linked to the outstanding balance, promising users to eventually recover 75%-80% of the lost assets. Despite 93% of creditors voting in favor in April, the court did not approve the plan last month due to lack of transparency. If the restructuring fails, forced liquidation may lead to user payment delays until 2030. Currently, 400,000 user accounts on the platform have been frozen for nearly a year, and the next hearing date has not been announced. This extension is seen as the final window for WazirX to rebuild trust after the institutional thunderstorm like FTX.