Wazirks consumers who lost their funds in the hack last year (about $ 1970 1970 crore) may have to wait more to receive compensation from the Crypto Exchange. On Wednesday, the Singapore High Court rejected the Wazirks’ reorganization scheme, according to a updated by the Exchange on X (formerly Twitter). According to Wazirks, the reorganization scheme was approved by the majority of its lenders in April. However, the crypto firm has failed to get the court’s approval, which requires the scheme to be practiced.
In his post on X, Wazirks said the results were not expected. The firm said, “Our main focus has to begin as soon as possible. On this purpose, we are currently reviewing all the legal powers available in consultation with our legal and consulting teams, and will appeal against the Singapore High Court decision.”
The Honorable Singapore High Court has issued an order to approve our proposed reorganization plan. Although this result was not expected, we respect the court’s decision and are fully committed to complying with all legal and regular processes.
Our basic… pic.twitter.com/jrxffwnmba
– Wazirks: India’s Bitcoin Exchange (@Wazirksandia) June 4, 2025
The majority of Wazirks are registered in stakeholding entity Zai, Singapore. Last year, a multi -segarter wallet was allegedly hacked after allegedly hacking a multi -segarter wallet, the exchange transferred the Singapore court to a Mortium and sought approval from its customers for the reorganization scheme. Zai has worked with a financial reorganization firm Karol to design his compensation roadmap in Singapore.
In January, the court reviewed the reorganization scheme and allowed the firm to approach the lenders.
Four months later, Zeti said that 141,476 lenders participated in the voting process and the majority – 131,659 voters (or 93 %) – approved the project.
On May 16, the court postponed the case from another date and directed Wazirks and Zai to submit additional documents. At that time, the court also increased the exchange of exchanges by June 6. Currently, it is unclear whether Wazirks will appeal another extension that has preserved it against new legal cases.
“Today’s decision does not affect the NLPA (net liquid platform assets), which are safe, the exchange said in its position on X.
