Hacked Crypto Exchange WazirX Gets More Time to Restructure After Court Ruling
WazirX received a crucial extension from the Singapore High Court to present additional arguments for its restructuring plan, maintaining a moratorium that protects its recovery efforts. The court initially rejected the plan in June, following a $234.9 million crypto heist linked to North Korean hackers. The ruling is significant for WazirX's 6.6 million users, who have been unable to access their funds since trading halted. Zettai, WazirX's operator, plans to relocate operations to Panama through a new subsidiary, Zensui Corporation, amid regulatory pressures. The restructuring plan aims to issue recovery tokens representing users' outstanding balances, with over 93% of creditors approving it. However, ongoing legal challenges and the transition to Panama introduce uncertainty regarding the recovery process for users.
