WazirX has gained overwhelming user support for a revised restructuring plan following last year’s $234 million hack, but final court approval is still pending.
Key Takeaways
- 195.7% of WazirX creditors backed a revised recovery plan in a second vote after the Singapore High Court rejected the initial proposal.
- 2The plan involves distributing recoveries through Zanmai India, which operates under India’s Financial Intelligence Unit.
- 3If approved by the Singapore Court, operations and user compensation could begin within 10 business days.
- 4The 2024 hack, attributed to North Korean attackers, led to the loss of $234 million and froze withdrawals for over a year.
What Happened?
Nearly 150,000 WazirX users have voted in favor of an amended recovery plan aimed at compensating losses from the platform’s 2024 hack. The vote showed even greater support than an earlier round, but the proposal still awaits formal approval from the Singapore High Court before it can take effect.
The platform was hacked in mid-July 2024, resulting in a loss of $234 million from a Safe Multisig wallet. The breach halted all withdrawals on the exchange, triggering a long process to develop and revise a fair compensation plan for affected users.
95.7% of voting scheme creditors voted in favour of the amended scheme. Next step is to wait for the court hearing. If the scheme is approved by the court then we can restart the platform. https://t.co/PG2wfAkskU
— Nischal (Shardeum) 🔼 (@NischalShetty) August 18, 2025
Creditors Show Overwhelming Support
In a crucial revote conducted between July 30 and August 6 via Kroll Issuer Services, 149,559 creditors holding $206.9 million in approved claims participated. Of those, 143,190 supported the plan, accounting for 94.6% of the claim value. This surpasses the statutory thresholds required under Singapore’s Companies Act and reflects a slight improvement over the earlier vote.
This second vote became necessary after the Singapore High Court rejected the previous restructuring scheme in June. The court had concerns about how recovery tokens, meant to track unpaid claims and provide future distributions, would be treated under upcoming digital asset regulations.
What’s New in the Amended Scheme?
The revamped plan includes significant changes. Compensation will now be managed through Zanmai India, a registered entity under India’s Financial Intelligence Unit. While the recovery tokens remain part of the distribution process, their issuance and management have shifted jurisdictional oversight from Singapore to India.
Additionally, WazirX’s parent company Zettai has incorporated a new subsidiary, Zensui Corporation in Panama, to handle cryptocurrency-related services, following regulatory pressure from Singapore. This strategic move aims to align the restructuring process with evolving global compliance standards.
WazirX founder Nischal Shetty said the exchange could resume operations within 10 business days once the court approves the scheme. Independent experts from Alvarez & Marsal verified the voting results to ensure transparency.
User Reactions and Frustrations
While the latest developments have sparked optimism, some users remain skeptical. Concerns persist around long compensation delays, jurisdictional shifts, and the devaluation of crypto assets since the freeze.
Many users on platforms like Reddit and X expressed they voted yes not out of confidence, but out of a desire to end the prolonged ordeal. They feared that liquidation could delay payouts until 2030.
WazirX, we’re done waiting.🚨
— Money Guru Digital (@Moneygurudigi) August 19, 2025
“Funds are safe, withdrawals soon, that was a year ago. Still no refunds, no updates, only empty promises.
How much longer will users keep trusting you?#CryptoIndia #WazirX
Meanwhile, others continue to push for legal accountability, though a recent Supreme Court of India ruling dismissed petitions from 54 hack victims, citing lack of jurisdiction on crypto policy matters.
CoinLaw’s Takeaway
In my experience watching crypto exchange crises unfold and this kind of creditor approval is a big deal. The fact that more than 95 percent of users voted yes tells me that people are not just desperate, they believe this plan has a real shot. I’ve seen too many liquidation messes drag on for years with little to no payout. If this court approval goes through, users might finally get some relief. Still, I don’t blame those who are cautious, shifting jurisdictions and recovery tokens are complicated, and trust once lost is hard to rebuild.
