Crypto exchange WazirX has cleared a major hurdle in its path to recovery, with over 90% of creditors voting in favor of its proposed restructuring plan, the company announced. The vote marks a significant milestone ahead of an upcoming court review in Singapore that will determine the fate of the plan.
In a blog post, WazirX — which suffered a $230+ million hack in July 2024 — confirmed that its creditor support “significantly exceeds” the legal threshold needed for the restructuring scheme to proceed. Under Singaporean law, a majority in number and at least 75% of the total claim value must vote in favor for the plan to be approved.
“The approval rate remained remarkably consistent between 92% and 95% across all creditor segments — from the smallest to the largest claims,” WazirX stated.
High Participation Reflects Creditor Confidence
The vote, conducted via Kroll Issuer Services from March 19 to March 28, saw participation from over 141,000 creditors, representing $195.6 million in approved claims. The strong showing signals widespread creditor confidence in the plan’s terms, which include phased fund distribution and a roadmap toward resumed operations.
Parent company Zettai now awaits a Singapore court’s decision on the scheme. If approved, the first round of distributions — covering 80–85% of eligible claims — will begin within 10 business days, according to a WazirX spokesperson. Trading and withdrawals will also resume in stages.
A Comeback Plan After a Historic Hack
WazirX’s financial woes began after a July 2024 hack, when North Korea’s Lazarus Group reportedly exploited the exchange and drained over $234 million in digital assets. The U.S. Department of State publicly confirmed the group’s involvement in January, linking the attack to a broader series of cyber intrusions, including the $54 million CoinEx breach in September 2023.
Once one of India’s largest crypto exchanges, WazirX had seen massive success prior to the hack. In 2021, the company reported $43 billion in trading volume, a 1,735% year-over-year increase. The restructuring plan represents a bid to reclaim user trust and rebuild the platform’s future.
What’s Next for WazirX?
As part of the restructuring, WazirX plans to launch its own decentralized exchange (DEX), though a concrete timeline for this remains unannounced. The DEX initiative is seen as a strategic pivot that could allow WazirX to operate with greater security and transparency in the post-hack era.
If the Singapore court gives the green light, WazirX’s journey from breach to recovery may become a notable case study in crypto crisis management.
