On June 4, 2025, the High Court of Singapore rejected the restructuring plan of the cryptocurrency exchange WazirX. The plan was submitted by Zettai Private Limited in November 2024, aiming to help WazirX resume operations and return user funds after suffering a $230 million cyber theft in July last year. The following is the specific situation:
Background of the event: WazirX was once the largest cryptocurrency exchange in India. On July 18, 2024, its platform was hit by a cyber attack, resulting in the theft of approximately 230 million US dollars in funds. Subsequently, the platform suspended trading. Subsequently, the company proposed a restructuring plan, aiming to return 52% of the creditors’ claims through the remaining current assets. The plan has been voted through by investors, but it needs court approval to take effect.
The reason for the rejection: The Singapore court held that the operating entity of WazirX, Zettai Private Limited, was not registered in India, and thus the reorganization plan was invalid in India.
Subsequent impact: WazirX stated that it respects the court’s decision and will consult with the legal and advisory teams to assess all available legal options and appeal against the decision of the High Court of Singapore. The exchange also emphasized that the court’s decision does not affect its net current assets, which remain safe.
This incident is a major setback for WazirX and its users, which may have a certain impact on the cryptocurrency industry and raise further concerns about the security and regulation of cryptocurrency exchanges
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