WazirX, the Indian crypto exchange, has faced a major setback after the Singapore High Court blocked its restructuring plan following a significant security breach. The exchange announced the court’s decision on June 4th, acknowledging this unexpected outcome while reaffirming its commitment to legal compliance and recovery efforts. Over 93% of creditors had voted in favor of the proposed plan which aimed to distribute recovered assets and resume trading within ten business days. However, the Court ultimately rejected the plan, stalling immediate financial restitution for users impacted by the hack and prompting WazirX to explore alternative legal avenues, including an appeal process. Notably, this ruling doesn’t affect WazirX’s Net Liquid Platform Assets (NLPA), which have remained stable since a security incident in July 2024. The exchange vows to continue its recovery journey, assuring stakeholders that they remain dedicated to their long-term plan.