Fri Jul 18 09:08:11 UTC 2025: Okay, here’s a news article summarizing the WazirX situation, based on the provided text:
**Headline: WazirX Pushes for Revote on Restructuring Plan After \$230 Million Hack, Faces User Ire in India**
**Singapore, July 18, 2025 (The Hindu) -** Cryptocurrency exchange WazirX is attempting to move forward after a devastating cyberattack last year that resulted in the loss of over $230 million in user assets. The exchange, which has been embroiled in a blame game with wallet manager Liminal over the security breach, is now seeking a revote on its restructuring plan after an initial rejection by the Singapore High Court.
The 2024 attack, allegedly perpetrated by North Korean cybercriminals, exposed vulnerabilities in WazirX’s multi-signature wallet and triggered a wave of criticism against the exchange for its slow response and subsequent freezing of user funds. While WazirX claims to have frozen a tranche of stolen assets worth approximately $3 million earlier this year, the majority of the stolen funds remain out of reach.
To address the aftermath, WazirX pursued a restructuring exercise through the Singapore legal system, despite presenting itself as an Indian crypto exchange. The exchange sought a moratorium to shield itself from potential legal action. WazirX says 93.1% of creditors voted in favor of the initial restructuring scheme. This week, the Singapore High Court overturned its previous decision and allowed for a revote on an amended restructuring plan. WazirX has stated its commitment to distributing assets within weeks after a successful vote. The company also said that it has implemented a new structure where FIU-registered Zanmai India will manage the distribution of assets once the scheme is approved.
“This change requires a revote to reflect the updated framework, and we are ready. We have committed to speed from the start. Once the voting is over, the distribution of assets will take place within a few weeks,” said WazirX in its post. The company stated it moved fast, engaging global cybersecurity experts, collaborating with authorities, and securing a moratorium from the Singapore High Court to rebuild responsibly under legal oversight. It also stated it stayed transparent, hosting eight public townhalls, answering community questions, and partnering with custodians like BitGo and Zodia Custody to strengthen asset security.
However, WazirX’s handling of the situation, and the involvement of the Singaporean courts, have drawn sharp criticism from Indian users, who question why their crypto investments are subject to foreign legal proceedings. Many are anxious to regain access to their funds before potential market crashes, and express frustration with the protracted legal process. The lack of decisive action from Indian authorities has further fueled their discontent.
WazirX has emphasized its commitment to restoring trust, distributing assets, and resuming operations safely, but regaining the confidence of its user base remains a significant challenge. The outcome of the upcoming revote and the subsequent asset distribution will be crucial in determining the future of the beleaguered cryptocurrency exchange.
First Piper 