WazirX Granted Extra Time for Restructuring Arguments Ahead of July 15 Hearing

The Singapore High Court has rescheduled a crucial hearing in the case involving crypto exchange WazirX, now set for July 15, 2025, at 7:30 AM IST, with a backup date on July 16. This decision comes after the court granted WazirX additional time to present further arguments related to its ongoing restructuring efforts following a significant $234 million hack.

WazirX, through a post on X, confirmed the revised hearing dates and acknowledged the court’s directive to submit new documents before arguments resume. The exchange is currently in the process of rebuilding its credibility and operations after the major security breach that compromised user assets and left affected users with few answers over the past year.

The court has instructed WazirX to file a supplemental affidavit and written submissions by July 4, 2025. While the exchange did not specify the contents of the new filing, it mentioned that it is awaiting further instructions regarding attendance logistics for the hearing, which will be shared when confirmed by the court. This development provides WazirX with a narrow but important opportunity to convince the court of its restructuring roadmap, even as users continue to wait for clarity on the future of their funds.

Despite these procedural advances, co-founder Nischal Shetty has remained publicly silent, offering no new updates since the initial disclosure of the breach. Users have repeatedly sought responses from Shetty on social media regarding the progress of the restructuring plan, the status of funds, or a timeline for reimbursements. His silence has further fueled community concerns about transparency and leadership accountability.

Earlier this year, 93% of voting creditors supported WazirX’s proposed restructuring. However, the company has not shared any follow-up communication on what the plan involves, nor how or when user losses might be addressed. While securing creditor support was a milestone, the lack of public updates from senior leadership has led to speculation and uncertainty within the platform’s user base.

The July 15 court date is shaping up to be a critical juncture for the exchange. Legal experts suggest the hearing may determine whether WazirX is allowed to proceed with its restructuring plan or whether further intervention will be needed. The outcome could influence not just WazirX’s survival but also broader regulatory attitudes toward crypto platforms in Singapore and neighboring regions.

Since the $234 million hack, the platform has provided minimal updates regarding fund recovery or internal investigations. For users still awaiting restitution, this hearing may provide the first real insight into the company’s direction and accountability. The broader crypto industry is also monitoring the situation, as Singapore continues to evolve its approach to digital asset oversight.

With the hearing less than a month away, pressure is mounting on WazirX to not only meet the court’s requirements but also re-establish its standing among regulators and users alike. The exchange’s ability to navigate this legal challenge will be crucial in determining its future in the crypto landscape.