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The embattled crypto exchange WazirX has hit another bump in the road, with a recent decision from Singapore\u2019s High Court dealing a blow to its ongoing recovery efforts.\u00a0<\/p>\n
According to the latest announcement<\/a> from Indian crypto exchange WazirX, the Singapore High Court has issued an order declining its proposed restructuring plan. The court\u2019s decision marks a major setback for the exchange, which has struggled to regain its footing since suffering a devastating $230 million hack in July 2024.\u00a0<\/p>\n \u201cThe Honourable Singapore High Court issued an order declining to approve our proposed restructuring plan,\u201d wrote the exchange, expressing its disappointment with the verdict.<\/p>\n <\/p>\n Despite the ruling, WazirX assured creditors that it remains committed to facilitating distributions and is exploring additional legal options, including an appeal to the Court. The exchange added that assets remain safe, assuring its lengthy list of creditors that a resolution is in the works.<\/p>\n However, the assurances did little to quell creditors\u2019 outrage as many flooded social media with accusations.<\/p>\n Several creditors have expressed frustration with WazirX\u2019s latest update, pointing to the months-long delay since the originally promised distribution timeline of February 2025. Many argue that the exchange is using legal issues as an excuse to avoid paying back users. \u201cThis isn\u2019t delay. It\u2019s a scam wrapped in court drama,\u201d said<\/a> one frustrated Netti Mittal, echoing broader community sentiment.\u00a0<\/p>\n Others added that the restructuring bid was likely denied because the judge suspected questionable behavior from WazirX and its executives, including a lack of transparency and possible deceit.<\/p>\nCommunity claps back with fresh WazirX \u2018scam\u2019 accusations<\/h2>\n