WazirX, once India’s largest crypto exchange by trading volume, has secured a crucial extension from Singapore’s High Court as it struggles to recover from a devastating $234 million hack and a year of growing user frustration.

In a statement posted on social media, WazirX confirmed that the court will allow it to present new arguments supporting a revised restructuring plan and has extended the moratorium shielding the company from creditor lawsuits until a ruling is made.

The legal reprieve buys WazirX time to salvage its controversial Scheme of Arrangement, a court-supervised process intended to reorganize its operations and settle claims from creditors and over 400,000 affected users worldwide.

The exchange’s troubles began in July 2024, when hackers exploited security flaws to drain digital assets from customer wallets, making it one of the largest breaches to hit an Asian crypto platform that year.

In the months that followed, WazirX’s promises to reimburse users ran aground amid unclear communication, internal disputes with parent firm Zettai Pte Ltd, and growing concerns from regulators about fund tracing and governance.

To reassure creditors and regulators, WazirX has floated a plan to transfer its core business to a new entity, Zensui Corporation, registered in Panama.

The company said this would help distance the exchange from Zettai’s lingering corporate complications and give it the flexibility to issue so-called recovery tokens, blockchain IOUs pegged to unrecovered balances.

These tokens are intended to help users gradually reclaim between 75% and 80% of the crypto lost in the breach, with the actual payout tied to future market conditions and platform revenue. However, for many, the tokens are an untested solution that does little to guarantee timely restitution.

Despite these uncertainties, more than 93% of voting creditors backed the restructuring plan in April. However, the Singapore High Court declined to grant final approval last month, citing gaps in transparency and governance.

Without an approved plan, WazirX faces the prospect of forced liquidation. Legal experts warn that a court-ordered wind-down could drag on for years, consume significant funds in legal fees, and leave creditors with lower overall recovery rates. In a worst-case scenario, the exchange has warned that user repayments could be pushed back as far as 2030.

Friday’s extension marks what many see as the final opportunity for WazirX’s leadership to convince the court, and its wary community, that a structured recovery is still possible.

The exchange said in its statement:

“We are awaiting the court’s directions on the next hearing and will share updates as soon as we have clarity.”

No date has been announced for the next proceedings, leaving thousands of users still locked out of their accounts for nearly a year.

The exchange now faces a fragile path forward, balancing court demands for governance reforms with the urgent need to restore customer trust in an industry still reeling from high-profile collapses like FTX and Zipmex.

For users, the extension provides a flicker of hope but few guarantees, and until the court signs off on a final plan, their crypto remains out of reach.

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Investors in Bitcoin Satoshi’s Vision (BSV) are making a renewed push to revive a 2019 lawsuit against crypto exchange Binance, alleging the platform’s decision to delist the token severely impacted its long-term value.

BSV, which currently trades around $42, is a hard fork of Bitcoin Cash (BCH), which itself forked from the original Bitcoin (BTC) network.

According to Law360, the plaintiffs are asking for the UK Competition Appeal Tribunal to revisit a July 2024 ruling that dismissed their “loss of chance” claim.

BSV Backers Blame Binance Delisting for Altcoin’s Decline

They argue that Binance’s decision to delist BSV, along with similar actions by other major exchanges, effectively suppressed the altcoin’s market potential.

The original claim sought $9 billion in damages, but the investors now say they could pursue up to £10 billion (approximately $13 billion) if the case moves forward.

The legal team contends that BSV never recovered from the delistings and continues to underperform due to lack of visibility and trading access.

Despite a 15% price bump following news of the revived legal effort, BSV remains in a persistent downtrend and has failed to gain meaningful market share or network power relative to Bitcoin.

Binance removed BSV in April 2019, citing concerns over its listing standards.

The move followed repeated claims by BSV’s creator, Craig Wright, who has long asserted—without proof—that he is Satoshi Nakamoto, Bitcoin’s pseudonymous founder.

Former Binance CEO Changpeng Zhao had publicly warned that Wright’s behavior could result in delisting.

Since then, BSV has also been the target of several 51% attacks, undermining trust in its blockchain’s security and stability.

These setbacks have only deepened skepticism about the project’s viability, even as its backers press ahead with legal action.

CZ Confirms Pardon Request After Initial Denial

Last week, CZ confirmed that he has formally applied for a presidential pardon, weeks after initially denying reports of such a move.

Speaking on the Farokh Radio podcast aired May 6, Zhao said his legal team filed the request following widespread media speculation.

“I got lawyers applying,” Zhao said during the interview, saying that he ultimately decided to move forward after stories from Bloomberg and The Wall Street Journal suggested he was pursuing a pardon from former U.S. President Donald Trump.

“If they’re writing this article, I may as well just officially apply,” Zhao added.

The former crypto mogul pleaded guilty to violating the Bank Secrecy Act in November 2023 as part of a settlement with U.S. authorities.

The agreement led to Binance paying $4.3 billion in fines, with Zhao personally contributing $50 million.

He was sentenced to four months in prison and barred from holding any management position at Binance as a condition of the deal.

Zhao has since shifted focus to international advisory work, offering guidance to governments in Pakistan and Kyrgyzstan on crypto regulation and blockchain integration.

The post BSV Investors Seek to Revive 2019 Lawsuit Against Binance Over Delisting Impact appeared first on Cryptonews.

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In attention-driven industries or markets like the crypto market, it is essential for new technologies to possess or periodically introduce elements that push the needle, lest they face the risk of falling off.

The most common example of these sorts of elements in the crypto industry is user incentives.

Restaking is a natural case study of the effects of a lack of sustainable incentives in an attention-driven market.

Although it was once a hot topic in crypto due to its potential to elevate the industry’s security landscape, it invariably lost momentum due to an inability of restaking platforms to compensate users adequately for their contributions to economic security.

Luckily, nothing is ever truly finished in the crypto industry, and a once-forgotten narrative or use case could resurface with a few minor tweaks and changes.

The advent of curators in shared security frameworks offers a glimmer of hope for revitalizing the restaking narrative, ensuring that users are adequately incentivized to continue contributing to the security of blockchain networks and protocols.

Later in this article, I’ll define curators and highlight their role in restaking models. But first, let us explore why and how curators came to be.

Restaking origins

Over the years, blockchain infrastructure has become more modular, scalable and accessible, making it easier to create blockchain products.

However, that same rapid development has been missing in security implementation.

New networks and protocols must create new security systems from scratch or employ alternatives that are either too expensive or involve significant trade-offs.

Restaking emerged as a solution to this problem. It introduced the concept of shared or pooled security, allowing new networks and protocols to borrow the security of more established blockchain networks.

Restaking platforms like Eigenlayer, Babylon and Symbiotic enable new blockchain projects to quickly establish a security layer by connecting to larger, more secure projects.

These platforms also encourage users to contribute to the economic security of these new projects by committing their already staked assets to the validators or nodes in their system.

However, as the restaking narrative grew, the need for scalability became more apparent.

Factors like risk management, reward allocation, and complexity management need to be handled to manage the risks associated with staking. Enter curators.

What are curators

Curators are entities within a shared security framework that manage, optimize and enhance interaction between the system’s components.

Their work improves collaboration between these components and efficiency and functionality within the system.

Curators take on several forms within a shared security framework and would likely increase as the restaking landscape proliferates.

Let’s look at some of the curators in existing restaking frameworks.

LRTs (liquid restaking tokens)

These asset management entities provide a new layer of functionality by essentially allowing users to reuse already staked assets to contribute to the economic security of other networks and protocols in exchange for additional yield.

LRTs provide various benefits, such as enhanced capital extraction, multi-network participation and increased decentralized security.

Furthermore, LRT teams excel at handling and acquiring large amounts of stake and creating valuable incentive systems capable of attracting restakers to provide economic collateral, a quality that integrated networks can leverage to achieve desirable outcomes.

Operators

Operators are a key component of a shared security framework. They are responsible for running network infrastructure components and can also act as curators.

This is because they provide several qualities that integrated networks can leverage to develop highly resilient systems and establish best practices.

These include the ability to run various forms of network infrastructure, crypto-specific DevOps knowledge, and expertise in managing node redundancy and uptime.

Risk managers and research entities

Risk managers and research entities exist in various forms, including applied research groups, consulting agencies and independent or freelance researchers.

Regardless of their form, though, they are responsible for identifying and quantifying risks within the ecosystem.

Their work ensures the network’s overall security and helps all parties make informed decisions while establishing best practices for the industry.

Conclusion

Only the narratives that capture and maintain user interest remain relevant in attention-driven markets.

In the earlier days, restaking platforms could not keep users incentivized enough to continue contributing to economic security, leading to a drop in momentum.

However, the emergence of curators in shared security frameworks represents a new opportunity for restaking’s resurgence.

Network participants can leverage these curators to design valuable incentive systems, develop highly resilient systems and manage risk exposure, which could attract user attention and revive the restaking ecosystem.

All that remains is to wait and see if the market accepts this new paradigm and if networks adopt this system to drive adoption and generate interest among the crypto faithful.

Filipe Gonçalves is the co-founder and CEO of Inceptive Labs, a Dubai-based venture studio specializing in DeFi innovations, and the lead contributor of InceptionLRT, the first modular aggregation layer for restaking. With over a decade of experience in fintech and DeFi, Filipe has pioneered products bridging traditional finance with decentralized systems.

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