WazirX receives critical extension from Singapore court to restart restructuring plan after hacker attack

According to CryptoSlate, the High Court of Singapore has approved an extension of WazirX's legal protection period, seeking a final opportunity for the Indian exchange, which is deeply embroiled in a $234 million hacking incident, to restructure. The court allowed it to present new arguments in support of the revised restructuring plan and suspended the creditors' lawsuit until the final ruling. The exchange had previously planned to transfer its core business to Zensui Corporation, a new entity in Panama, by issuing a "recovery token" linked to outstanding balances, promising users the ultimate recovery of 75% -80% of lost assets. Despite receiving 93% of creditors' vote support in April, the court did not approve the plan last month citing lack of transparency. If the restructuring fails, forced liquidation may result in a delay in user payments until 2030. At present, there are still 400000 user accounts frozen on the platform for nearly a year, and the date for the next round of hearings has not been announced yet. This delay is seen as the last window for WazirX to rebuild trust after institutional failures such as FTX.