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WazirX, an Indian cryptocurrency exchange, has relocated to Panama following the Singapore High Court's rejection of its restructuring plan. The court dismissed the proposal submitted by Zettai Pte Ltd in November 2024, which aimed to repay creditors after WazirX suffered a $235 million cyber theft in July 2024. This decision delays payouts to creditors and marks a major setback in the platform's recovery efforts. The cyberattack was one of the largest targeting an Indian crypto exchange, and the legal roadblock in Singapore complicates WazirX's attempt to resolve its financial challenges.
ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock Last year, ET reported that WazirX was hit by one of the biggest cyberattacks on an Indian crypto exchange. Read more at: https://t.co/viHFj3Aavl
Creditors of @WazirXIndia will have to wait longer for a payout as the hacked Indian crypto exchange's restructuring plan was declined by the Singapore High Court. https://t.co/5I8DTra7TT
.@WazirXIndia's restructuring plan has hit a major snag, with the Singapore High Court declining to approve the crypto exchange’s proposed scheme to repay creditors. By @shauryamalwa. https://t.co/9JHNhs3JcV
