WazirX's restructuring plan gets overwhelming creditor approval, clearing the path for court sanction and asset distribution.
WazirX, the embattled Indian cryptocurrency exchange, has received a powerful mandate from its creditors for a revised restructuring plan, paving the way for a potential restart of operations and the long-awaited distribution of user funds. The vote, overseen by Zettai Pte Ltd., saw an overwhelming show of support, with 95.7% of creditors by count and 94.6% by value of claims voting in favor of the amended plan. This outcome not only surpasses statutory thresholds under Singapore law but also marks a significant uptick in participation and approval compared to the previous vote.
The latest voting round, which concluded on August 6, saw 149,559 creditors participate, representing over $206.8 million in approved claims. Of this group, 143,190 creditors backed the proposal, a clear endorsement of the management’s strategy to recover from the July 2024 cyberattack that resulted in the loss of over $230 million in user assets. This strong approval follows the Singapore High Court's decision on July 16, 2025, to allow a revote on the amended scheme, which addressed previous regulatory and structural concerns.
WazirX founder Nischal Shetty lauded the outcome, stating that the strong numbers from a second round of voting prove the platform's transparent and fair approach to restructuring. “We are deeply grateful for the unwavering trust and support,” Shetty said, adding that the platform is prepared to restart operations within 10 business days of the scheme taking effect, pending court sanction. The vote count was verified by independent assessors from Alvarez and Marsal, adding a layer of credibility to the process.
With the creditor vote now finalized and verified, Zettai's next crucial step is to file with the Singapore Court for final sanction. This court approval is the last remaining legal hurdle before the exchange can begin the first distribution of crypto balances, offering a lifeline to users who have been unable to access their holdings for over a year. The successful passage of the creditor vote, which saw an approximately 2.7% increase in participation compared to the prior round, indicates a renewed confidence among the affected community. All eyes are now on the Singapore Court, where the final decision will determine the future of WazirX and its recovery roadmap.
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