Singapore HC axes WazirX restructure plan after $235-million cyber heist

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In a big blow to crypto exchange WazirX, the Singapore High Court, on Wednesday, dismissed its restructuring plan submitted by Zettai Pte Ltd in November 2024, after the platform suffered a $235 million cyber theft in July last year.

Sources privy to Wednesday’s hearing told ET, the Singapore court observed that WazirX-operating entity Zettai Pte Ltd was not registered in India and hence the restructuring Scheme shall not be valid.

The plan, proposed by Zettai, was placed before the court as part of an insolvency process after WazirX, once the largest…



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Singapore HC axes WazirX restructure plan after $235-million cyber heist


In a big blow to crypto exchange WazirX, the Singapore High Court, on Wednesday, dismissed its restructuring plan submitted by Zettai Pte Ltd in November 2024, after the platform suffered a $235 million cyber theft in July last year.

Sources privy to Wednesday’s hearing told ET, the Singapore court observed that WazirX-operating entity Zettai Pte Ltd was not registered in India and hence the restructuring Scheme shall not be valid.

The plan, proposed by Zettai, was placed before the court as part of an insolvency process after WazirX, once the largest…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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