WazirX News: Singapore Court Grants Moratorium Extension

Indian crypto exchange WazirX breathes a sigh of relief as the Singapore Court extends its moratorium. After an initial setback, WazirX gets a second chance as the court grants permission to submit additional arguments for its restructuring plan.

Singapore Court Offers WazirX a Lifeline, Extends Moratorium

In the latest WazirX news update, the Singapore court has granted the exchange a continuation of its moratorium, extending legal protection beyond the initial June 6, 2025, deadline. The court has also signaled a green light to present additional arguments for the firm’s proposed restructuring plan, a move users have been eagerly anticipating for months. In an X post today, the exchange wrote,

The Singapore Court has granted our request to present further arguments in our application for the Court’s sanction of the proposed Scheme of Arrangement. Additionally, the Court has extended the moratorium granted in HC/OA 1284/2024 from 6 June 2025 until the disposal of the aforesaid further arguments.

Notably, this development comes just weeks after the Singapore Court rejected WazirX’s restructuring plan. As CoinGape reported, the court rejected the plan nearly a year after the massive $230 million WazirX hack, citing a lack of transparency from parent company Zettai Pte Ltd.

Another Extension, Still No Clarity

Since the WazirX hack on July 18, 2024, users have been in limbo, waiting for their funds to be reimbursed. However, despite promises to return 85% of user balances, the exchange’s silence and lack of transparency have only fueled frustration, with users left wondering when they’ll regain access to their assets.

Despite growing criticism on social media, WazirX has largely remained unresponsive. In their recent post, the exchange wrote, “We are currently awaiting directions from the Court on the next steps and will keep you informed as soon as we have more clarity.”

Following the May 13 hearing, the court extended the exchange’s moratorium to June 6. Subsequently, on June 6, WazirX informed users that the court would decide on its restructuring plan within 14 days, suggesting a verdict around June 20, despite ongoing objections from key investor Zettai Pte. Ltd.

While WazirX stayed quiet for a long period, users were increasingly vocal in their demands for a response and update. A community member wrote on X,

So WazirX was expected to deliver a decision on their restructuring plan to Singapore Court by June 20. But as of June 24, there’s been no update till now Lakhs of Indian crypto users are demanding clarity, but there’s been no response, no updates….NOTHING.

With the deadline having passed four days ago, WazirX still hasn’t issued a formal statement on its restructuring plan, but has instead announced yet another extension of the moratorium. This announcement, though official, still fails to provide concrete timelines, leaving users frustrated and uncertain about the next steps. Thus, users remain disappointed despite the latest WazirX news update.