Indian ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/cryptocurrency-exchange” target=”_blank”>cryptocurrency exchange WazirX took a major hit on Wednesday after the Singapore High Court data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/tech/technology/singapore-hc-axes-wazirx-restructure-plan-after-235-million-cyber-heist/articleshow/121630462.cms” target=”_blank”>rejected a restructuring plan submitted by its parent company, ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/zettai-pte-ltd” target=”_blank”>Zettai Pte Ltd, in November 2024. The proposal came just months after the platform suffered a massive $235 million cybertheft last July.
Court’s verdict
Sources aware of the matter told ET that the Singapore High Court noted that Zettai Pte Ltd, the operating entity behind WazirX, was not registered in India. Based on this, the court ruled that the restructuring scheme would not be valid in…
