- Wazirx Exchange disappointed creditors because its restructuring system was not approved by Singapore High Court
- The Indian exchange plans to appeal in response to Singapore court rejection
It will be a year in two months since the Wazirx chop of $ 235 million took place. And the exchange still has no clear solution for its creditors. When Singapore High Court rejected its proposed restructuring system, Wazirx Hack Saga is back to Square One, with creditors wondering if they will ever get their assets.
According to Recently updated From the exchange rejected Singapore High Court Sin restructuring plan to pay out creditors. Although the reasons behind the rejection are unknown, it is a big blow for the creditors who predicted to get their assets. Wazirx sent e -mail messages to its customers and updated the information in its X account.
Will “appealing” against Singapore court’s decision to work for Wazirx?
The exchange did not expect the rejection, but it must be bound by the court’s decision on decisions and compliance. It said further,
“Our primary focus remains to be started distributions as soon as possible. Against this target, we are currently evaluating all available legal alternatives in consultation with our legal and advisory team and will appeal the decision from Singapore High Court.”
However, it remains to be seen whether appealing will show a path to paying creditors to Wazirx. Some creditors even wonder if this is another tactic through the exchange to extend the asset distribution.
In addition, the exchange ensured that all assets on creditors remain secure. At the same time, the exchange also mentioned its plans to move its business to Panama in a edited legal document. Its parent company, Zettai, will be redirected to Zensui Corporation.
What is next for Wazirx and its creditors?
With the latest rejection from Singapore High Court, creditors remain Fazed over their assets. It gave a new sense of hopelessness for people who have been waiting for months to get their assets back. Adding fuel to the fire, Wazirx’s social media channels limited user engagement, which makes creditors even more frustrated.
The last update of the court hearing was on May 23, and no one from the Wazirx team arrived and addressed creditors until now. All they have sent is an E -mail and an update on the Wazirx account.
Wazirx must either appeal, as it stated, or come up with a new solution to pay out creditors. If this does not happen or if Wazirx restructuring plan completely fails, the exchange must meet liquidation according to Singapore laws. In such a scenario, creditors would receive a much smaller percentage of their assets than they expect from the restructuring system.
At the same time, concerns about the Wazirx authority’s transparency and credibility are increasing with every day that goes over social media. Its inability to deal with and insure creditors directly is to torment the reputation of the exchange.
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