WazirX restructuring is advancing after 95% of voting creditors approved an amended plan to restart the exchange and begin repaying users affected by the $234 million 2024 hack; if the Singapore High Court approves, distributions could start within 10 days of the scheme taking effect.
- 95% of voting creditors approved the amended restructuring plan
- Amended plan shifts compensation management to Zanmai India and repurchases recovery tokens using exchange profits.
- Nearly 150,000 creditors voted, representing over $206 million of the lost funds.
WazirX restructuring: 95% of creditors approve amended plan to restart exchange and repay users after $234M hack. Learn next steps and timeline.
WazirX restructuringprogress: Crypto exchange WazirX users are potentially one step closer to recovering funds more than a year after a $234 million hack of the exchange — with 95% of voting creditors greenlighting a new restructuring plan that the Singapore High Court previously rejected. The vote covered nearly 150,000 creditors representing over $206 million in claims.
WazirX lost $234 million of crypto from a Safe Multisig wallet in mid-July 2024 in an attack attributed to North Korean hackers. The breach forced the exchange to pause all crypto and Indian rupee withdrawals.
Source: Nischal Shetty
What does creditor approval mean for WazirX fund recovery？
Creditor approval means the amended scheme can now be submitted to the Singapore High Court for judicial approval.If the court approves, WazirX founder Nischal Shetty says the exchange would restart and begin compensating users within 10 days of the scheme taking effect. This contrasts with prior estimates of a 2–3 month timeline from restructuring advisers.
How were creditors informed and who voted？
Nearly 150,000 creditors cast ballots between July 30 and Aug. 6. WazirX reports the votes represented over $206 million of the lost funds. The earlier April scheme had been approved by users but was rejected by the Singapore High Court due to concerns about how recovery tokens would be treated under proposed regulations for Digital Token Service Providers.
Why did WazirX amend the plan and what changed？
The amended plan changes which entity will manage compensation and clarifies token repurchase mechanics.Recovery tokens will still represent outstanding claims and be repurchased using net profits from the exchange, but distributions will be managed by Zanmai India, a reporting entity under Indias Financial Intelligence Unit.
WazirX parent company Zettai, previously based in Singapore, incorporated Zensui Corporation in Panama and transferred cryptocurrency-related operations after the High Court ruling. The amended scheme addresses earlier regulatory concerns and the operational changes by specifying the reporting entity that will handle distributions.
WazirX customers previously approved a proposal, but the Singapore High Court shot it down. Source: YouTube
When might users actually receive funds back？
Timeline depends on Singapore High Court approval and operational readiness.If the court approves, WazirX founder Nischal Shetty indicated distributions could begin within 10 days of the scheme taking effect. Krolls director George Gwee previously estimated a 2–3 month wait after court approval in an earlier town hall.