WazirX Gets a Second Chance as Court Allows a Revote on Its Restructuring Plan
2025-07-16 16:22:26
Main Idea
The Singapore High Court has overturned an earlier decision, allowing a revote on WazirX's restructuring plan and extending Zettai's moratorium, which could lead to the platform's reopening.
Key Points
1. The Singapore High Court overturned a previous decision, permitting a revote on WazirX's restructuring plan and extending Zettai's moratorium.
2. WazirX is urging creditors and affected users to participate in the revote, which could enable the platform to resume limited operations.
3. A legal dispute over user assets dates back to a July 6 filing, where plaintiffs challenged Zettai's claim over user funds, arguing it violates Singapore’s trust laws.
4. Plaintiffs question the legitimacy of the hack cited by Zettai, with on-chain data suggesting internal multi-signature wallets were involved.
5. WazirX is recovering from a $234 million exploit in July 2024, attributed to North Korean hackers, and had previously received 90% user approval for a restructuring plan in March 2025.
Description
The Singapore High Court has set aside its June 4 order and approved a revote on Zettai’s amended restructuring scheme. Zettai’s moratorium has been extended, and WazirX has urged creditors to participate in the new vote. If sanctioned, the scheme could allow WazirX to resume operations, with Zanmai facilitating creditor distributions. The Singapore High Court has overturned an earlier decision and has now approved a fresh vote on a revised restructuring scheme for Zettai, a company entangled in...
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