WazirX restructuring plan gets 95.7% votes, awaits court approval

Wazirx, one of the largest crypto exchanges in India, obtained a majority vote of more than 95% for its last restructuring proposal. He now awaits the approval of the court.

In a recent release Since WazirxThe Crypto Exchange proposed another restructuring plan to the court for approval. On August 18, the restructuring regime received the majority support for creditors, with 95.7% of the creditors who voted in favor of the proposal.

Formerly nicknamed the greatest exchange of crypto in India, Wazirx was co -founded in March 2018 by Nischal Shetty, Sameer Mhatre and Siddharth Menon. At the end of 2023, the platform would have reached more than a billion users and had a volume of trading worth approximately 1 billion USDT. As of August 19, his site claimed to have a user basis of more than 16 million. His income reached 108 million in its latest budget report in 2022.

The tragedy struck in July 2024 when the platform was struck by a cyber attack which was initiated by the North Korean hacking group, the Lazare group, according to a press release of the American State Department. Business lost More than $ 230 million or 45% of its total of $ 500 million.

The breach triggered outrageous Among the users, many of whom lost access to their funds, and caused prosecution in India and attempts to restructure in Singapore.

The parent based in Singapore of Wazirx, Zettai Pte Ltd, quickly requested protection against creditors and obtained a four -month moratorium by the high court of Singapore in September 2024, by buying time to prepare a restructuring plan.

A majority vote of creditors on the restructuring proposal means that it is now awaiting the regulatory green light from the Singapore Court to sanction the modified regime.

If it is approved, the founder of Wazirx, Nischal Shetty, said that the platform will begin to prepare to relaunch and resume trading for customers “within 10 working days of the program making”.

Once the deposit has been accepted by the Singapore court, Zettai will inform the creditors through an update issued with a copy of the attached legal deposits.

This is the second vote on a Wazirx restructuring plan to proceed after the first was rejected by the Singapore court. Although it also received a majority vote from creditors, the court raised concerns concerning the fairness and feasibility of the plan.

At the time, the exchange received backlash Purchased creditors who accused him of fraud customers due to months late. Initially, he promised the distribution of assets to customers by February 2025. Many suspected that the exchange used legal problems as an excuse to avoid repaying users.

However, later in June, Wazirx appealed to review, the court granted new arguments and extended the moratorium. In August 2025, the court ordered a revote on a modified restructuring system, which reports to Wazirx another chance of advancing its plan.

Judicial audiences for Wazirx in India and Singapore

Aside from the procedures in progress of his restructuring proposal in Singapore, Wazirx was examined India On his links with the Binance.

Binance had already claimed the property of Wazirx but later denied Control it, creating a dispute that complicated creditors are demanding. On August 5, 2025, the High Court of Delhi ordered the Wazirx operator to submit the original Binance acquisition agreement and the details of the Singapore procedure.

The court also called on regulators such as the RBI and the SEBI to clarify their surveillance role, while the creditors pushed to the training of a special investigation team to probe the hack. The next major hearing is scheduled for August 26, 2025, which should decide the way to follow on the result of restructuring and broader responsibility for the exchange.