WazirX, one of the largest crypto exchanges in India, has gained a majority vote of more than 95% for its latest restructuring proposal. It is now awaiting court approval.
Summary
- WazirX’s latest restructuring plan received a 95.7% creditor vote, cleared by a Singapore court approval or refusal.
- The Indian exchange has been wrapped up in legal troubles ever since it suffered a $230 million hack in July 2024.
In a recent release from WazirX, the crypto exchange has proposed yet another restructuring plan to the court for approval. On August 18, the restructuring plan received majority support from creditors, with 95.7% of creditors casting their votes in favor of the proposal.
Once dubbed India’s largest crypto exchange, WazirX was co-founded in March 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. As of late 2023, the platform reportedly reached over one billion users and had a trading volume worth around 1 billion USDT. As of August 19, its site claims to have a user base of more than 16 million. Its revenue reached 108 million in its last fiscal report in 2022.
Tragedy struck in July 2024 when the platform was hit by a cyberattack believed to be initiated by the North Korean hacking group, the Lazarus Group, according to a press release from the U.S. Department of State. The company lost over $230 million or 45% of its total $500 million holdings.
The breach sparked outrage among users, many of whom lost access to their funds, and prompted lawsuits in India and restructuring attempts in Singapore.
WazirX’s Singapore-based parent, Zettai Pte Ltd, quickly sought protection from creditors and was granted a four-month moratorium by the Singapore High Court in September 2024, buying time to prepare a restructuring plan.
A majority vote from creditors on the restructuring proposal means that it is now awaiting the regulatory green light from the Singapore court to sanction the Amended Scheme.
If approved, WazirX Founder Nischal Shetty said the platform will start preparing itself to relaunch and resume trading for customers “within 10 business days of the scheme taking effect.”
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Once the filing is accepted by the Singapore Court, Zettai will inform creditors through an issued update with a copy of the legal filings attached.
This is the second vote on a WazirX restructuring plan to proceed after the first one was rejected by the Singapore Court. Despite also receiving a majority vote from creditors, the court raised concerns over the plan’s fairness and feasibility.
At the time, the exchange received backlash from frustrated creditors that accused it of scamming customers due to months of delay. Initially, it promised distribution of assets back to customers by February 2025. Many suspected the exchange was using legal issues as an excuse to avoid paying back users.
However, later in June, WazirX appealed for reconsideration the court allowed further arguments and extended the moratorium. By August 2025, the court ordered a revote on an amended restructuring scheme, signaling another chance for WazirX to push its plan through.
Court hearings for WazirX in India and Singapore
Aside from the ongoing proceedings of its restructuring proposal in Singapore, WazirX came under scrutiny in India over its ties to Binance.
Binance had once claimed ownership of WazirX but later denied controlling it, creating a dispute that complicated creditor claims. On August 5, 2025, the Delhi High Court ordered WazirX’s operator to submit the original Binance acquisition agreement and details of the Singapore proceedings.
The court also called upon regulators like the RBI and SEBI to clarify their oversight role, while creditors pushed for the formation of a Special Investigation Team to probe the hack. The next major hearing is set for August 26, 2025, which is expected to decide the way forward on both the restructuring outcome and the broader accountability of the exchange.
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