Key Takeaways
- The development comes more than nine months after the platform suffered a major cyberattack that resulted in a loss of approximately $234.9 million in digital assets.
- The company also noted that the level of support among creditors remained consistent across claim sizes, ranging between 92% and 95%
India-based crypto exchange WazirX has secured strong creditor support for its post-hack restructuring plan, with over 93% of participating users voting in favour. The development comes more than nine months after the platform suffered a major cyberattack that resulted in a loss of approximately $234.9 million in digital assets.
The voting process, held between March 19 and March 28 via the Kroll Issuer Services platform, was open to all users with crypto balances on the exchange. As per a company statement issued on April 7, a total of 141,476 creditors cast their vote. Of these, 131,659—accounting for $184,997,156.31 in approved claims—voted in support of the restructuring. This figure represents 93.1% of voters by count and 94.6% by value.
The restructuring plan was developed under the legal framework of Singapore, where WazirX has initiated its recovery process. Under Singapore’s Companies Act, a scheme of arrangement requires approval from at least 50% of creditors by number and 75% by claim value to pass. WazirX’s proposal surpassed both thresholds.
WazirX was hacked in July 2024, with attackers gaining access to a Safe Multisig wallet managed with custody provider Liminal. The breach was later attributed to North Korean threat actors. Following the incident, the platform halted trading and withdrawals and began legal proceedings in Singapore.
The approved scheme proposes that WazirX will return 85% of affected crypto portfolios. The platform has also issued recovery tokens to address outstanding claims. These tokens are linked to future profits and are expected to be gradually bought back using revenue generated by the company’s operations and a forthcoming decentralized exchange.
According to WazirX, the exchange currently holds $566.4 million USDT in liquid assets, while total claims amount to $546.5 million. The company has stated that distributions to creditors will begin within 10 business days once the scheme receives final approval from the Singapore court. Trading activities will resume in stages.
The company also noted that the level of support among creditors remained consistent across claim sizes, ranging between 92% and 95%, indicating uniformity in creditor response regardless of portfolio size.
In February, WazirX had warned that without creditor approval, repayments could be delayed until as late as 2030. At the time, it cited the potential for prolonged uncertainty and extended timelines for users seeking to recover their funds.
While the voting process received broad participation, some users questioned the decision to use Kroll Issuer Services, citing concerns over the platform’s affiliation. Others expressed frustration over missing out on crypto market gains during the period when their assets were inaccessible.
On April 7, WazirX CEO Nischal Shetty posted on X, formerly Twitter, stating, “93.1% of voting creditors, representing 94.6% in value, have voted YES to the Scheme of Arrangement. This strong support marks an important milestone in the recovery process and reflects a shared belief in the proposed restructuring plan.”
