Breaking Developments in WazirX’s Legal Journey: Singapore Court’s Decision
Our expertly crafted editorial content is meticulously reviewed by industry leaders and experienced editors to ensure accuracy and reliability. Advertising Disclosure
WazirX Receives Court Approval for Revote
In a recent update shared on X, the prominent Indian cryptocurrency exchange WazirX revealed significant developments from the Singapore High Court session held on July 16th. The court has reversed its prior decision, now endorsing a rapid revote on the restructuring proposal, potentially enabling WazirX to resume operations.
Advertisement Banner
Almost a year ago, on July 18th, WazirX was forced to halt operations following a devastating cyberattack that siphoned off $234 million in user crypto assets. This incident severely impacted its reserves, which stood at approximately $500 million before the hack. The perpetrators, identified as part of the infamous Lazarus Group from North Korea, led to immediate suspension of deposits and withdrawals, a situation that persists to this day, though changes seem imminent.
The exchange has been working on a strategic overhaul through its parent firm, Zettai PTE LTD. During a creditor vote, the restructuring proposal received substantial backing. However, the Singapore High Court initially turned down the plan on June 4th, citing issues related to compliance with the Financial Services and Markets Act (FSMA) and the role of the Panama-based entity, Zensui, in the distribution process.
Following necessary amendments, the court has now sanctioned the revised proposal, permitting WazirX to carry out a swift revote with its creditors. This decision marks a critical juncture in WazirX’s path to recovery.
Nischal Shetty, CEO of WazirX, broke his silence on X to discuss the court’s decision. He explained, “The significant change is that Zanmai, instead of Zettai, will facilitate the fund distribution if the proposal gains approval.” Zanmai Labs is the Indian branch managing the INR operations of WazirX, whereas Zettai was responsible for the cryptocurrency segment, making it central to the ongoing legal discussions.
Shetty also mentioned that the voting date would soon be disclosed. “Should the revised scheme be approved by the necessary majority of creditors and endorsed by the court, WazirX is set to reopen,” WazirX announced. The subsequent steps will be crucial in determining whether the platform’s users, who have waited over a year, will finally retrieve their crypto assets.
Current Bitcoin Market Status
As of the latest updates, Bitcoin’s value is around $119,300, marking an impressive 8% increase over the past week.
For more insights into the cryptocurrency market trends, explore the BTCUSDT chart on TradingView.
Editorial Standards at our publication revolve around providing rigorously researched, precise, and impartial content. We adhere to stringent sourcing guidelines, and each article undergoes a thorough review process by our team of top technology experts and seasoned editors. This commitment guarantees the trustworthiness, relevance, and value of our content for our audience.
