Catenaa, Sunday, June 08, 2025- The Singapore High Court has rejected WazirX’s proposed restructuring plan, dealing a blow to the embattled crypto exchange’s efforts to recover from a $230 million exploit linked to North Korea’s Lazarus Group.
WazirX confirmed the court’s decision on Wednesday, stating that it is now weighing its legal options and may file an appeal. The exchange said its immediate priority remains distributing funds to affected creditors as swiftly as possible.
The restructuring plan was submitted following the July 2024 cyberattack, in which WazirX reported losing more than $230 million in digital assets. The exchange later filed for court-backed restructuring in Singapore, aiming to stabilize operations and initiate creditor repayments.
In April, Zettai, the Singapore-based parent company of WazirX, announced that the proposed restructuring had won overwhelming creditor support. According to the firm, 93.1% of voting creditors, representing 94.6% of total claim value, had backed the plan.
Under the proposed scheme, WazirX intended to begin initial distributions to creditors within 10 business days of the court’s approval.
However, with the plan now rejected, those payouts are indefinitely delayed.
The exchange did not disclose the court’s rationale for the rejection, but said it was consulting legal and advisory teams to determine next steps.
WazirX’s restructuring bid is one of several recent efforts by crypto platforms to recover following large-scale hacks and industry-wide downturns.
