WazirX Moratorium Extended by Singapore Court, Users Face Further Delays

WazirX Moratorium Extended by Singapore Court, Users Face Further Delays

Last Updated May - 19 - 2025, 02:04 PM | Source : Fela News

WazirX users must wait longer as Singapore court extends moratorium to June 6. The crypto exchange seeks approval for restructuring after a $230M hack.

WazirX users, who have been unable to access their frozen cryptocurrency assets for over six months, will now have to wait even longer. A Singapore court has extended the existing moratorium on the company’s restructuring efforts until June 6. This extension delays potential fund distributions that users were hoping would begin soon.

The crypto exchange has been undergoing legal proceedings in Singapore following a major security breach last year that resulted in the loss of more than $230 million worth of crypto from a compromised multi-signature wallet. The hack was later attributed to North Korean actors.

WazirX, through its operating entity Zettai, filed application SUM 940 with the Singapore High Court to gain approval for its proposed restructuring plan. The hearing for this application took place on May 13, 2025. Although no formal orders were issued, the court instructed the company to submit additional affidavits by May 23 and extended the moratorium until June 6. The exchange shared this update via a post on X (formerly Twitter) on May 14.

Between March 19 and March 28, WazirX conducted a vote on the restructuring plan through the Kroll Issuer Services platform. The proposal received strong support, with 93.1% of participating creditors—representing 94.6% of the total claim value—voting in favor of it.

Previously, WazirX had stated that initial distributions could begin within 10 business days of the scheme becoming legally effective. The extended moratorium, however, has caused renewed concern among investors who are anxiously awaiting fund access.

While the court has not scheduled a new hearing yet, WazirX indicated that a decision may follow the submission of affidavits on May 23. In its May 14 update, the company acknowledged users' concerns and assured them it is working diligently to restart platform operations and begin distributions as soon as legally possible.

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