Indian Exchange WazirX Says Singapore Court Has Denied Its Proposed Restructuring Plan

Singapore Court Rejects WazirX’s Restructuring Plan Following $230M Hack

Singapore, May 6, 2025 – A Singapore court has rejected the restructuring proposal submitted by Indian crypto exchange WazirX, the company confirmed on Monday, casting uncertainty over its repayment roadmap following a $230 million security breach in 2024.

WazirX said it “respects the Court’s decision” and remains committed to fulfilling its obligations, though it offered no revised timeline for creditor distributions. The firm had earlier planned to begin payouts in April, following a vote on a restructuring scheme approved in January.

The exchange suffered a major cyberattack last year, which it attributed to the Lazarus Group, and has since attempted to avoid liquidation under Singapore’s corporate restructuring laws. The plan included issuing recovery tokens and launching a decentralized trading platform.

Legal experts now warn that WazirX may face compulsory liquidation proceedings if a new proposal is not approved soon, potentially diminishing recovery prospects for creditors.

Once one of India’s most prominent crypto platforms, WazirX has faced mounting criticism for limited user engagement, delayed communication, and a lack of transparency throughout the process.