PANews reported on June 25 that according to CryptoSlate, the Singapore High Court approved an extension of the legal protection period for WazirX, giving the Indian exchange, which is deeply entangled in a $234 million hacking incident, a final chance to restructure. The court allowed it to present new arguments supporting the revised restructuring plan and suspended creditor litigation until the final ruling. The exchange previously planned to transfer its core business to a new Panamanian entity called Zensui Corporation, intending to issue "recovery tokens" linked to outstanding balances, promising users could ultimately recover 75%-80% of their lost assets. Although the plan received 93% support from creditors in April, the court did not approve the plan last month due to insufficient transparency.
If the restructuring fails, forced liquidation could delay user compensation until 2030. Currently, 400,000 user accounts remain frozen for nearly a year, and the next hearing date has not been announced. This extension is seen as WazirX's last window to rebuild trust after the collapse of institutions like FTX.
