Creditors back WazirX’s restructuring scheme after $234 million hacking last year

Representative image

Zettai Pte, the parent of crypto exchange WazirX, on April 7 announced that nearly 93.1 percent of the impacted creditors have voted in favour of its proposed scheme of arrangement which will enable the hacked exchange to recover and distribute funds stuck with the crypto platform.

Creditors who voted in favour of the proposed restructuring - filed with the High Court of Singapore - accounted for 94.6 percent of the value of the assets with the exchange. The voting was conducted on the Kroll Issuer Services platform between March 19 and March 28, 2025.

WazirX had lost nearly 45 percent of its crypto assets, worth $234 million, in a cyber attack in one of its multi-sig wallets in 2024.

The exchange will now be filing an application with the Singapore Court for the sanction of the creditor-approved scheme, and subject to the approval, WazirX will open up its exchange for the distribution of tokens.

“The resumption of withdrawals, and trading, will happen in phases, to ensure compliance with regulatory guidelines while prioritizing user accessibility,” the company said in a statement.

"We are grateful for the strong vote of confidence," said Nischal Shetty, Founder of WazirX. "This consistent support across our entire base demonstrates shared belief in our restructuring approach and recovery plan."

In a recent interview with Moneycontrol, Shetty had said in the next three years, WazirX is looking at 90-145 percent recovery.

At of now, users will be getting back 85 percent of their total funds till January 17 through a mix of tokens, after rebalancing. This means that if the value of the tokens that the user held on January 2025 went up, they may get lesser number of tokens after rebalancing, but that will amount to 85 percent of their funds.

Similarly, if the value of portfolio tokens went down, user will get more number of tokens to match that 85 percent of fund value.