WazirX has requested six months from the Singapore High Court to restructure its debts

ChainCatcher news, according to official sources, the Indian cryptocurrency exchange platform WazirX announced on Wednesday that it has requested six months from the Singapore High Court to restructure its debts. This move will initiate a 30-day automatic stay. The court has yet to determine the hearing date to decide whether to approve the stay.

WazirX stated that its co-founder Nischal Shetty has requested the court to order that Zettai (the operating company of WazirX) not be liquidated through any resolution; and that no execution, seizure, or other legal proceedings may be initiated, continued, or enforced against any property of Zettai without the court's permission. The stay will provide Zettai with breathing room to restructure, which is the most effective way to address users' cryptocurrency balances on the platform and facilitate user recovery.

Previous news reported that WazirX suffered a hack in July, resulting in a loss of $230 million.