Crypto exchange WazirX has secured strong support from its creditors for a proposed restructuring plan aimed at repaying victims of the $230 million hack it suffered in July 2024.
According to an official announcement, over 93% of voting creditors approved the Scheme of Arrangement, which sets the stage for partial asset recovery. The vote took place between March 19 and March 28 on the Kroll Issuer Services platform, involving more than 141,000 creditors with verified claims totaling $195.65 million.
Of those, 131,659 creditors — representing $184.99 million — voted in favor, surpassing the approval thresholds under Singapore’s Companies Act, which requires a majority by number and at least 75% by value. WazirX’s parent company, Zettai, is based in Singapore.
Had the plan failed, the company warned in February that it would have faced liquidation, pushing potential recoveries to 2030 with significantly reduced payouts.
With the vote now concluded, Zettai intends to seek final approval from the Singapore Court. If sanctioned, the plan will kick off with an initial payout within 10 business days. Withdrawals and trading are expected to resume in phases, pending regulatory clearance.
The recovery roadmap also includes launching a decentralized exchange (DEX), issuing recovery tokens tradable on the platform, and conducting periodic buybacks of these tokens using profits and new revenue sources.
The breach, attributed to North Korea’s Lazarus Group, occurred due to a compromised private key. WazirX blamed custody partner Liminal for the lapse, but Liminal denied responsibility, citing security flaws on WazirX’s end. The stolen assets were funneled through Tornado Cash to obscure their trail, making full recovery unlikely.
Despite limited progress in asset retrieval, WazirX’s approved scheme marks a critical step toward compensating its affected users.
