WazirX Reimbursement Delayed as Singapore Court Extends Moratorium Until June 6
WazirX’s much-anticipated reimbursement plan for users impacted by last year’s July hack has encountered a delay, following a decision by the Singapore High Court. The exchange recently concluded a customer voting process regarding its proposed restructuring scheme. With a majority of creditors reportedly supporting the plan, WazirX approached the court for final approval. However, the court has deferred the case, citing the need for additional documentation from WazirX and its parent company, Zettai.
In a public statement shared on X (formerly Twitter), WazirX addressed the delay, asserting that it remains committed to fulfilling its obligations. The exchange said it is working to implement an “effective scheme” for reimbursement. Despite the update, many users and creditors expressed frustration over the prolonged process, criticizing the lack of clarity and speed in the proceedings.
As part of the court’s latest decision, the legal moratorium protecting WazirX and Zettai from creditor lawsuits has been extended until June 6. This moratorium essentially prevents the filing of any new claims against the companies and gives them more time to complete the legal formalities surrounding the reimbursement framework.
Zettai initially applied for a moratorium in August 2024, shortly after the hack impacted WazirX users. What began as a 30-day relief request has now stretched into nearly a year of legal back-and-forth. With the June 6 hearing now critical for the next steps, all eyes are on whether the court will finally approve the exchange’s plan to compensate its affected user base.