More than nine months after suffering a cyberattack that led to the loss of $234.9 million (about ₹2,000 crore) in cryptocurrency, Indian crypto exchange WazirX has received strong user backing for its restructuring plan.
In an official announcement made on April 7, WazirX said that 93.1% of users who took part in a recent vote supported the proposed recovery plan. The plan includes returning 85% of user crypto balances and restarting services in phases.
The voting process was held from March 19 to March 28, on the Kroll Issuer Services (KIS) platform. It was open to all users who had crypto balances on WazirX when the hack occurred on July 18, 2024. A total of 141,476 users voted. Out of these, 131,659 users — or 93.1% — voted “yes.”
The total claims submitted by users stood at around $185 million, which is a large portion of the $234.9 million that was lost during the cyberattack. This shows that most of the affected users want the platform to move forward with the recovery plan.
Zettai’s Proposal Meets Legal Approval Requirements
The restructuring plan was submitted by Zettai, the company managing WazirX’s recovery efforts. Under Singapore’s Companies Act, such a plan must be approved by at least 50% of creditors by number and 75% by value of claims. The voting results met both requirements comfortably.
Interestingly, the approval rate remained consistent across all types of users, whether they had large or small claims. Support levels ranged between 92% and 95%, showing widespread agreement among the WazirX community.
To ensure transparency and fairness, independent assessors from Alvarez & Marsal—Joshua Taylor and Henry Anthony Chambers—verified the voting results. Their final report has been submitted to Zettai. The report, along with anonymized voting data, will soon be shared with users.
WazirX to begin phased repayments and reopen trading after court approval
The next step is for Zettai to file the proposal with the Singapore High Court for official approval. If the court gives the green light, the first phase of repayments will begin within 10 business days.
WazirX has also confirmed that once the court approves the plan, the exchange will reopen withdrawals and trading in phases. This process will follow regulatory guidelines and will prioritize user safety.
WazirX co-founder Nischal Shetty welcomed the voting outcome.
We are grateful for the strong vote of confidence. This consistent support across our entire base demonstrates shared belief in our restructuring approach and recovery plan.
Nischal Shetty said.
