ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock

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Indian cryptocurrency exchange WazirX took a major hit on Wednesday after the Singapore High Court rejected a restructuring plan submitted by its parent company, 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…



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ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock


Indian cryptocurrency exchange WazirX took a major hit on Wednesday after the Singapore High Court rejected a restructuring plan submitted by its parent company, 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…



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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