WazirX cryptocurrency exchange - once the largest in India - has just been granted an extension of legal protection by the Singapore Supreme Court, holding back while trying to bounce back after the $234 million hack and the outrage from over 400,000 users.
This decision allows WazirX to resubmit a new restructuring plan within the ‘Scheme of Arrangement’ framework to reorganize operations and repay debts. Previously, the bounce back plan was rejected due to lack of transparency.
WazirX proposes to transfer operations to Zensui Corporation (Panama) and issue a ‘recovery token’ for users to gradually recover 75-80% of the lost funds, but this solution still raises concerns. If not approved, the exchange faces the risk of liquidation, extending until 2030.
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