WazirX, once India’s largest crypto exchange by trading volume, has secured a crucial extension from Singapore’s High Court as it struggles to recover from a devastating $234 million hack and a year of growing user frustration.
In a statement posted on social media, WazirX confirmed that the court will allow it to present new arguments supporting a revised restructuring plan and has extended the moratorium shielding the company from creditor lawsuits until a ruling is made.
The legal reprieve buys WazirX time to salvage its controversial Scheme of Arrangement, a court-supervised process intended to reorganize its operations and settle claims from creditors and over 400,000 affected users worldwide.
The exchange’s troubles began in July 2024, when hackers exploited security flaws to drain digital assets from customer wallets, making it one of the largest breaches to hit an Asian crypto platform that year.
In the months that followed, WazirX’s promises to reimburse users ran agro
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