Wazirx’s Wazirx Exchange Exchange Exchange Exchange of Wazirx has affected a great inconvenience, and Singapore’s Superior Court refused to approve the scheme proposed by the exchange of cryptography to pay the creditors.
The decision effectively delays the payments that were expected to begin as soon as April 2025. “The Honorable Superior Court of Singapore issued an order that declined to approve our proposed restructuring plan,” Wazirx said in an email to the creditors.
“While this result was not what we anticipate, we respect the Court’s decision and continue to comply with all legal and regulatory processes. Our main approach remains the distributions as soon as possible,” he said.
Initially, the court approved the Wazirx plan in January after the exchange sought protection against liquidation following a devastating Hack of $ 230 million by the Lázaro Group of North Korea.
The scheme would have allowed creditors to vote whether to accept the plan, with promised payments within 10 business days after activation.
This plan also included the launch of a decentralized exchange (DEX), issue recovery tokens and implement periodic repurchases to support liquidity.
But with the last decision of the Court, the timeline for reimbursement of the creditors has uncertainty again. If the restructuring finally fails, Wazirx could face the liquidation under section 301 of the Singapore Companies Law, which could result in fire sales prices for the remaining assets and lower compensation for creditors, as reported above.
Wazirx has faced an overwhelming criticism for its slow communication and limited success in the recovery of assets, and severely limiting the capacity of users to interact with their social media accounts.
The exchange once dominated cryptographic trade in India, but many now wonder if they will ever see their money again.
