WazirX investors fear further delays as moratorium extended to June 6
WazirX users have been waiting for more than six months to access their locked crypto funds. Their wait will be longer as the Singapore court has extended an existing moratorium to June 6.
The WazirX cryptocurrency exchange has been trying to push for restructuring through the Singapore legal system after a hacked multi-signature wallet last year led to the loss of over $230 million in crypto assets. The attack was later tied to North Korean hackers.
'The hearing for SUM 940 took place on 13 May 2025 before the Singapore Court. While no orders were made at this stage, the Court has directed the Company to file a further affidavit(s) by 23 May 2025, and extended the existing moratorium to 6 June 2025,' posted WazirX on the X social media platform on May 14.
SUM 940 is the application WazirX-operating entity Zettai filed in the Singapore High Court to seek formal approval for the restructuring scheme after the voting process, the company explained.
WazirX's voting process was conducted via the Kroll Issuer Services platform between March 19 and March 28 this year, with 93.1% of voting creditors who were representing 94.6% in value voting in favour of the company's restructuring scheme.
WazirX had previously said that after the needed legal approvals, the first distributions could begin within 10 business days of the scheme becoming legally effective. This is why the extension of the moratorium is causing investors to worry.
WazirX said the Singapore court had not yet set another hearing date but that a possible decision related to the matter could come after the due date for the company affidavits, which is May 23.
'We know many of you are eagerly waiting for the platform restart and first distribution. Please be assured that we are doing everything we can to make this possible under an effective Scheme, and we'll continue to keep you informed when we receive directions from the Court,' posted WazirX on May 14, thanking users for their support and patience.
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