The Indian crypto exchange Wazirx received a major blow with a negative decision from the Singapore Supreme Court. The court officially rejected the restructuring proposal that plans to pay to creditors after a hacking attack of $ 230 million.

🔻 With this decision, the distributions planned to be made in April 2025 were postponed indefinitely.

In the statement made by the stock market, the following statements took place:

“We did not expect this result. However, we respect the Singapore Court’s decision and we will continue to adapt to legal processes. Our priority is to pay to creditors.”

🧷 What did the plan contain?

Wazirx’s plan in January 2025 included these steps:

Approval with the creditor vote

Payment promise within 10 working days

A decentralized stock market (Dex) launch

Removing Recovery Token

Regular Token Requests for Market Support (Buyback)

However, the rejection decision of the court prevented the plan from entering into force. The stock market is now facing the risk of liquidation.

📜 If the liquidation process occurs within the scope of Article 301 of the Singapore Law, assets may be sold at the loss of the damages and creditors may face serious losses.

⚠️ reactions to Wazirx are growing

The platform’s weakness of communication and its attitude away from transparency annoyed investors.

Users have difficulty in reaching the platform via social media.

Transparency requests were not answered.

The platform, which was the leader in India for a period, is experiencing loss of confidence.

“It is unclear whether our money will return,” many investors are waiting for the clarity.