WazirX Granted Further Arguments in Singapore Court Restructuring Case

The Singapore High Court has granted Indian cryptocurrency platform WazirX the opportunity to present further arguments in its ongoing restructuring case. This decision comes after months of anticipation and silence from the company, which confirmed the extension of its court-granted moratorium via a post on X (formerly Twitter).

Previously, the court had declined to approve WazirX’s restructuring plan, prompting the company to file for relocation to Panama and rebrand itself as Zensui Corporation. However, the recent ruling by the Singapore High Court has granted WazirX a chance to present additional arguments in support of its proposed Scheme of Arrangement. The court has also extended the moratorium on legal action from June 6, 2025, until the disposal of the further arguments. This extension provides WazirX with a final opportunity to solidify its restructuring plan and potentially begin resolving user repayments.

Since the $234 million hack in July 2024, thousands of users have been waiting for clear communication or compensation. WazirX had earlier promised to return 85% of user balances, but this pledge has been delayed due to legal issues and unclear updates. Despite mounting pressure on social media, the company has largely remained silent, offering only generic reassurances. In their latest tweet, WazirX stated that they are currently awaiting directions from the Court on the next steps and will keep users informed as soon as they have more clarity. This statement, while more official, still lacks concrete timelines, leaving users frustrated and in limbo.

As July 2025 approaches, it marks one year since the WazirX security breach—one of the largest crypto hacks of 2024. The extended silence and lack of action have left users questioning the company’s commitment to recovery. The latest ruling by the Singapore High Court offers a ray of hope, but only if WazirX takes swift and transparent steps forward.

WazirX’s restructuring and moratorium extension could be a turning point, but whether it leads to actual repayment for users or more delays remains to be seen. With mounting pressure and legal timelines closing in, WazirX must act fast to regain trust and credibility in the crypto community. The company’s ability to present a compelling case and implement a transparent repayment plan will be crucial in determining the outcome for its users.