More than 90% of creditors back proposed restructuring, WazirX says

More than 90% of Wazirx creditors voted in favor of a proposed restructuring plan, eliminating a key obstacle before the examination of the court in Singapore.

The creditors had almost 10 days to vote on the zettai restructuring plan – and in the end, crushing support flocked to Wazirx Users holding nearly $ 196 million in complaints, with more than 90% of the proposal before an exam of the Singapore court.

In a blog adWazirx, who lost more than $ 230 million due to a hack orchestrated by the North Korean group Lazarus in July 2024, said that the results “considerably exceed” the statutory voting threshold, which requires that at least one majority per count and at least 75% of the total value of the claims of the creditors present and of vote must approve the program.

“The approval rate remained remarkably consistent between 92% and 95% in all the creditors of creditors – creditors with the smallest complaints to creditors with the biggest complaints.”

Wazirx

Hold on the KROLL issuing service platform from March 19 to 28, the voting process has drawn the participation of more than 141,000 creditors with $ 195.6 million in approved complaints.

Zettai, Wazirx’s parent company, said it would now request the court approval for the plan. If it is sanctioned, the first distributions will start within 10 working days, the exchanges and the withdrawals incorporating in phases. As part of the restructuring, Wazirx plans to build its own decentralized exchange, although a launching calendar has not yet been confirmed.

A Wazirx spokesperson earlier told Crypto.News that “if the majority of voters chose to” vote yes “for the program, and it becomes effective, the first cycle of funding around 80 to 85% will occur in 10 working days.”

Founded in 2018 by Nistchal Shetty, Siddharth Menon and Sameer Mhatre, Wazirx was once one of the greatest exchanges of India cryptography in volume. In December 2021, he reported An annual negotiation volume of more than $ 43 billion, an increase of 1,735% compared to 2020.

However, in July 2024, Wazirx lost $ 234 million in several cryptographic assets. The attack was traced to the hacking group sponsored by the state of North Korea, the Lazare group, according to a press release in January from the US State Department. The same group was also involved in the Hack Coine In September 2023, where he scanned the scholarship on $ 54 million.