WazirX Restructuring Plan Denied by Singapore High Court
The Singapore High Court has rejected WazirX's restructuring plan to repay creditors, delaying expected payouts originally set for April 2025. This decision follows the exchange's request for protection after a $230 million hack by North Korea’s Lazarus Group.
Key points include:
- The court's order prevents the proposed scheme from being approved.
- WazirX expressed commitment to comply with legal processes and aims to expedite distributions.
- Originally, the plan included creditor voting, launching a decentralized exchange (DEX), issuing recovery tokens, and periodic buybacks.
- The rejection casts doubt on the repayment timeline; liquidation under Singapore Companies Act may occur if restructuring fails.
- Criticism surrounds WazirX's slow communication and limited asset recovery efforts.
Uncertainty remains regarding whether creditors will recover their funds.