Singapore High Court approves WazirX restructuring plan
24 Jan 2025, 03:48 PMThe Singapore High Court has allowed WazirX's parent to convene a scheme meeting with the users of the cryptocurrency exchange.
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Cryptocurrency exchange WazirX has received approval from the Singapore High Court to restructure after the $230 million hack last year. The High Court has allowed the company to convene a scheme meeting with users.
WazirX said that the Singapore High Court has given a decision in favor of Zettai Pte Ltd, allowing the company to convene a scheme meeting with the users of the cryptocurrency exchange.
This decision is a significant step in Zettai’s efforts to distribute assets associated with WazirX to users, and to revive operations of the platform, the company added.
"The Court granted a 16-week moratorium to Zettai, which provides the necessary time and legal protection to carry out the restructuring process. In addition, the Court also granted permission to Zettai to vary the scheme meeting process, which is intended to streamline the process and facilitate the participation of more users in the scheme meeting."
Announcing this on the social media platform 'X', WazirX said, "This marks another significant milestone in the restructuring process as we move closer to the distribution of Net Liquid Platform Assets and restarting the WazirX platform."
Rebalanced platform liquid assets will be distributed in tokens to scheme creditors within 10 business days of the effective scheme date.
WazirX was hacked in July, in which over 45% of the exchange's $500 million in holdings got stolen.
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