A Singapore court granted the Indian cryptocurrency exchange an extension on a legal moratorium related to ongoing restructuring efforts. The development is the latest in an exchange’s attempt to recover from a $234 million exploit associated with North Korean hackers that occurred almost a year ago.
In its latest announcement, Crypto Exchange told users it has granted the request that the court present further discussion in its application for court approval of the proposed arrangement scheme.
The court will extend the moratorium and delay final decision
According to Wazirx, the court has extended the initial deadline for a suspension that was granted from June 6, 2025 until discarding the debate. Therefore, the next step ahead of planned restructuring and compensation to users affected during platform misuse, the exchange awaits court instructions.
It is worth noting that the latest announcement by Wazirx corresponds to an extension of users’ expectations for reopening services after the trading platform ceased service a few months ago. On July 18, 2025, it marks a year since North Korean hackers attacked Wajirux, resulting in significant losses in funding and service outages.
Related: The Singapore Court rejected Wajirux reorganization plan
The Wazirx exploit was one of several crypto-related thefts that the industry experienced in 2024. According to the chain breakdown, the cryptocurrency industry lost around $2.2 billion to hackers and thieves in 2024, reflecting a 21% increase from the previous year.
Details of creditor-approved restructuring plans
Despite being victimized by exploits, 90% of Wazirx users supported planning for Crypto Exchange. Users voted in March after Crypto Exchange published its restructuring plan. This includes moving the compensation process and its legal action to Singapore.
Related: Wazirx’s restructuring approaches the final hurdle on the court hearing date May 13th
Reports show that 141,476 scheme creditors representing $195,650,529.03 of approved claims took part in the voting process. This was a crypto exchange that took place through the Kroll Publisher Services platform from March 19th to March 28th. They wanted the exchange to vote on an independent platform.
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