Singapore Court Rejects WazirX's Recovery Plan
The Singapore High Court has turned down WazirX's proposed restructuring plan after the crypto exchange attempted to recover from a $230 million exploit last year. On Wednesday, WazirX announced that the court declined their plan, and they are weighing the option of appealing the decision. "Our top priority is to begin distributions soon," stated WazirX. "We are currently evaluating legal options and considering an appeal." In July of the previous year, WazirX suffered an attack by North Korea's Lazarus Group, resulting in a substantial financial loss. They submitted a restructuring proposal to the Singapore court, hoping to resolve this. In April, WazirX's parent company, Zettai, highlighted that the plan received support from over 93% of voting creditors. The plan, if approved, would have enabled initial creditor distributions within 10 days of the scheme's start date. Disclaimer: The Block provides independent news and data in the crypto world. Foresight Ventures, a majority investor in The Block, also has interests in other crypto firms. Bitget is a key LP for Foresight Ventures.
FAQ
❓ What was the reason for WazirX's restructuring plan?
WazirX proposed the restructuring plan to recover from a $230 million exploit by Lazarus Group.
❓ What percentage of creditors supported the proposed restructuring?
The restructuring received backing from 93.1% of voting creditors.
❓ Is WazirX planning to appeal the court's decision?
Yes, WazirX is considering appealing the Singapore High Court's decision.