WazirX, a cryptocurrency exchange, stated in a press release that its proposed restructuring scheme has received substantial approval from its creditors. The scheme which was launched in response to a cyber attack, aims to return a portion of the affected crypto portfolios to users. In July 2024, WazirX lost approximately 45 per cent of its crypto assets, valued at $234 million, in a cyber-attack on one of its wallets.
According to the release, the voting, which took place between March 19 and March 28, 2025, showed that 93.1 per cent of the voting creditors were in favour of the scheme, representing 94.6 per cent of the total value of the claims. A total of 141,476 creditors, with claims amounting to USD 195.65 million, participated in the voting process. Among these, 131,659 creditors, representing USD 184.99 million, cast their votes in support. The results exceeded the minimum requirements set by Section 210(3AB) of the Companies Act, which mandates approval from a majority of creditors by count and at least 75 per cent of the total value of claims from those present and voting.
Advertisement
The restructuring scheme received support across all creditor segments, with approval rates ranging from 92 per cent to 95 per cent, indicating general agreement irrespective of the size of the claims.
If users had voted “no,” the company would have been forced into liquidation, resulting in lower recoveries.
Nischal Shetty, Founder of WazirX, acknowledged the strong support from creditors, noting that the consistent backing across all segments reflects confidence in the company's restructuring plan and recovery strategy.
Also, he stated on X (previously Twitter) that to ensure transparency, the votes had been independently confirmed by appointed Assessors.
With the voting completed, WazirX is now preparing to file an application with the Singapore Court for sanctioning the scheme. If the court approves, the scheme will come into action, with the first distribution scheduled to start within 10 working days. WazirX stated that withdrawals and trading will resume gradually to maintain regulatory compliance while giving user access a top priority.
