WazirX, an Indian cryptocurrency exchange, has announced that its restructuring plan has received a strong approval from its creditors. According to the announcement, 93.1% of creditors (by count) and 94.6% (by value) voted in favour of WazirX’s restructuring scheme on the Kroll Issuer Services platform. The voting process began on March 19, 2025 and ended on March 28, 2025.
WazirX Background
WazirX suffered a cyber attack which led to a loss of $230 million in assets. Zettai Pte Ltd, WazirX’s parent company, filed for a restructuring process with the Singapore High Court so that the creditor payments could be pushed.
With this scheme, the assets will be redistributed with a structured recovery process. Through this process, creditors will be able to recover up to 85% of the claims made.
Voting Results
With today’s announcement, it is clear that the restructuring process received a great support from the creditors, as the approval rates were soaring high. The creditor support, with 92-95% approval rates across every segments, surpassed the statutory voting threshold as well.
For this to happen, a majority of count and at least 75% of the total value of claims is needed for it to indicate a strong consensus among the creditors.
These voting results are shocking because there was a huge scepticism expressed by the creditors on social media platforms like X.
Nischal Shetty, Founder of WazirX, appreciated the strong vote of confidence, and states “This consistent support across our entire base demonstrates shared belief in our restructuring approach and recovery plan.”
Verification Process
The verification process was carried out by an independent assessor, Alvarez & Marshal, a global professional services firm with expertise in dispute resolution, investigation and compliance. The team which included Henry Chambers and Joshua Taylor, analysed the votes and submitted a report to confirm the results. This reports will also be shared with the creditors shortly.
There will also be an updated list of creditors which will show anonymized voting results, where the identities of the creditors are hidden while the voting results are displayed to maintain transparency.
What’s Next?
After the verification, Zettai will be filing an application with the Singapore Court for the scheme’s sanction. Once that’s done, the first distribution of the assets can then be expected to started within 10 business days.
As the exchange moves forward, the focus is now set on transparency and accountability, with the plans to launch a Decentralized exchange as per their original plan.
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