WazirX Faces Setback as Singapore Court Rejects Restructuring plan
Indian crypto exchange WazirX is in hot water again. The Singapore High Court has denied the exchange’s restructuring plan. This decision is a important hurdle for WazirX, which has been struggling since a $230 million hack in July 2024.
In a statement, WazirX expressed disappointment but remained hopeful. “We’re still committed to reimbursing creditors,” they said. However, many creditors are frustrated. They accuse WazirX of using legal challenges as a reason to delay payments. “It’s not a delay; it’s a scam,” said a creditor, Netti mittal.
Some believe the court rejected the restructuring due to WazirX’s lack of transparency. Now,the exchange plans to appeal the decision.
Adding to the controversy, WazirX has announced a move to Panama under the new name ‘Zensui.’ Critics see this as a way to dodge responsibilities.They’re urging Indian authorities to act, even calling for the arrest of WazirX CEO Nischal Shetty.
As the saga continues,one thing is clear: WazirX’s road to recovery is long and steep.
