Singapore Court Blocks WazirX's $230M Rescue Plan

- The court rejected WazirX's proposal, which aimed to ease recovery following the $230 million hack. - WazirX remains dedicated to creditor payouts and is evaluating further legal steps. On June 5, 2025, The Block reported that the Singapore High Court rejected crypto exchange WazirX's proposed restructuring plan. Gadgets 360 also reported on June 5 that the court rejected the plan, and The Economic Times similarly covered the decision on the same day. WazirX had designed this plan to recover from a $230 million exploit by North Korea's Lazarus Group in July 2024. Following these reports, WazirX announced the court's decision on June 5. In its communication, the company acknowledged the ruling and expressed its commitment to comply with legal and regulatory processes. Despite this setback, WazirX emphasized that its primary focus is to begin distributions to creditors as swiftly as possible, and the company also stated it is assessing all available legal options, including a potential appeal against the High Court's decision. The reports from The Block, Gadgets 360, and The Economic Times on June 5 further detailed that WazirX's parent company, Zettai Pte Ltd, had put forth the restructuring plan. This plan had previously garnered the support of 93.1% of voting creditors, who represented 94.6% of the total claim value. However, the court cited several reasons for rejecting the plan. Notably, Zettai Pte Ltd was not registered in India, a factor that rendered the restructuring scheme invalid within the country. The court also noted transparency concerns, specifically that Zettai had established Zensui, a new entity in Panama, in March 2025 but did not disclose this new entity to the court or users until questioned. In its June 5 communication, WazirX also clarified that the court's ruling does not impact its Net Liquid Platform Assets (NLPA), stating these assets have remained stable since the hack. Despite this legal hurdle, WazirX expressed its determination to overcome these challenges. According to CoinMarketCap, as of 12:00 UTC on June 5, Bitcoin (BTC) traded at $34,567. Its 24-hour trading volume had decreased by 1.8%.