Singapore court allows WazirX to present further arguments for restructuring plan

In a post on X, WazirX said that the court has extended the moratorium granted from June 6 until the company submits further arguments in favour of the Scheme of Arrangement.

The news comes weeks after the Singapore High Court issued an order declining to approve the company’s proposed restructuring plan. WazirX had hoped to begin operations after a $234.9 million crypto heist led it to halt trade on its platform.

“We are currently awaiting directions from the Court on the next steps and will keep you informed as soon as we have more clarity,” the company said in the X post.

After the court denied approval of its restructuring plan, the crypto exchange sent a letter to its users stating that Zettai, which operates the crypto assets of WazirX, had taken steps to incorporate a subsidiary, Zensui Corporation, in Panama. The company planned to transfer its operations related to cryptocurrency services to this new unit. YourStory had seen a copy of this letter.

According to the note sent to users, Zensui was set up on March 10, and the agreement to transfer Zettai’s operations to the company had been finalised.