The Singapore High Court has rejected the proposed restructuring plan of crypto exchange WazirX, which aims to recover from a $230 million exploit last year.
In a statement released Wednesday, WazirX said that the court has declined its restructuring plan, and the team is considering an appeal against the court’s decision.
“Our primary focus remains to begin distributions as soon as possible,” WazirX said. “Towards this goal, we are currently evaluating all available legal options in consultation with our legal and advisory teams, and are considering an appeal against the decision of the Singapore High Court.”
In July last year, WazirX reported an attack from North Korea’s Lazarus Group, resulting in a loss of over $230 million. The exchange then filed for restructuring with the Singapore court.
In April, Zettai, WazirX’s parent company headquartered in Singapore, announced that the proposed restructuring plan had secured support from 93.1% of voting creditors, who hold 94.6% of the total claim value.
The exchange also noted in April that if the court had approved the proposed restructuring, the initial distribution to creditors would have occurred within 10 business days of the scheme’s effective date.
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