WazirX Granted Extension for Restructuring Arguments Court Extends Moratorium

WazirX, a prominent cryptocurrency exchange, has received a significant update from the Singapore Court regarding its proposed restructuring plan. On June 24, the court granted WazirX permission to present additional arguments for its restructuring scheme, which has been eagerly awaited by users for months. This development comes as a part of the ongoing legal proceedings under HC/OA 1284/2024.

The court's decision also extended the legal moratorium beyond its initial expiry date of June 6, 2025. This extension provides WazirX with continued legal protection until a final decision is made on the further submissions. The court's ruling allows WazirX to make additional arguments concerning HC/SUM 940/2025, and the moratorium will remain in effect until these arguments are fully disposed of.

While this update may initially appear as positive progress, many affected users view it as another delay in a long series of setbacks. The timeline for the court's decision on the restructuring plan has been fraught with uncertainty. Initially, WazirX informed users that the court would decide on the plan within 14 days from June 6, setting an expected decision date around June 20. However, four days past this window, no formal update was provided by WazirX, leaving users in the dark.

The lack of communication and clarity has been a recurring issue for WazirX users. The company's legal team, Rajah & Tann Singapore LLP, is currently awaiting formal directions from the court on how to proceed. This indefinite waiting period has left users frustrated and uncertain about the future of their funds. The situation began on July 18, 2024, when WazirX admitted to a significant hack, resulting in the loss of substantial user funds. This incident shattered the trust that users had in the exchange, leading to a prolonged period of uncertainty and frustration.

For many users, the current situation feels like an endless cycle of delays and vague updates. The impact of the hack has been severe, affecting students who lost their savings, traders who spent years building their portfolios, and parents who invested in crypto with hopes for their children's future. The lack of clear timelines and accountability has left these individuals with empty inboxes and unanswered questions.

Moving forward, users are seeking real answers and clear timelines from WazirX. The court's decision to allow additional arguments and extend the moratorium may be seen as a legal step forward for the company, but for users still waiting for their stolen funds, it feels like more of the same. The lack of clarity on Zettai Pte. Ltd.'s objections and the overall resolution of the restructuring plan adds to the uncertainty. Users are hoping for honesty and transparency from WazirX as they navigate this challenging period.