WazirX Hack: 93% Users Back Recovery Plan - Court Approval Awaits

New Delhi, Apr 7 (PTI) Cryptocurrency platform WazirX parent firm Zettai Pte on Monday said 93 per cent of the users who lost USD 230 million in a cyber attack have voted in favour of a proposed restructuring scheme aimed at expediting the recovery of the stolen assets.

Now, Zettai awaits sanction from the Singapore High Court, a step necessary for implementing the scheme, paving the way for the platform to resume operations.

The cryptocurrency trading platform has stopped operations since July 2024 following a cyber attack that led to an erosion of over USD 230 million assets of its users.

The firm in January this year had got the permission from the Singapore High Court to convene a meeting with creditors (users) to present and conduct a voting on the proposed scheme.

The company in a latest statement said the voting process was conducted on the Kroll Issuer Services platform from March 19-28, 2025.

A total of 1,41,476 scheme creditors, representing USD 195.65 million in approved claims, participated in the voting process. Of those who voted, 93.1 per cent by count (1,31,659 creditors) supported the restructuring proposal, the statement said.

"This level of support significantly exceeds the statutory voting threshold requirement under Section 210(3AB) of the Companies Act, which requires that at least a majority by count and at least 75 per cent of the total value of claims from creditors present and voting must approve the scheme," it said.

The said scheme establishes a structured approach for reorganising the liabilities associated with WazirX to optimise returns for all platform users.

It includes the issuance of recovery tokens (RTs) and the distribution of recoveries through RT purchase mechanisms.

There is also a plan for reactivation of the WazirX platform, featuring new capabilities and the launch of a decentralised exchange (DEX).

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

With verified voting results in hand, Zettai is preparing to file an application with the Singapore High Court for formal sanctioning of the scheme.

Once approved by the court, the scheme will become legally effective within 10 business days, and Zettai will commence its first distribution, followed by phased resumption of withdrawals and trading to ensure compliance with regulatory guidelines.

The vote report will be made available to all scheme creditors shortly, along with instructions on how to view the updated list of creditors (which has been amended to present the voting results on an anonymised, per-creditor basis), the company said.

WazirX used to offer services for users to buy, sell and trade hundreds of different types of cryptocurrencies.