WazirX has announced the voting period for its proposed restructuring scheme, allowing Scheme Creditors to decide on the next phase of the recovery process. The voting is expected to take place from March 19 to March 28, 2025, through the Kroll Issuer Services platform, where participants can cast a simple YES or NO vote. The results will be reviewed by Alvarez & Marsal, acting as the Independent Assessor.
WazirX Voting Dates & Other Details
Zettai Pte Ltd, the entity overseeing WazirX’s restructuring, confirmed the tentative voting dates earlier this week. The outcome will determine whether the Scheme of Arrangement moves forward, subject to final approval from the Singapore High Court. If approved, the first phase of token distributions is set to begin within 10 business days of the Scheme becoming effective.
The restructuring process has involved rebalancing available assets to align them with platform liabilities. This rebalancing, completed in January 2025, ensures that approximately 85% of Scheme Creditors’ balances—valued as of July 18, 2024, at 1 PM IST—will be made available for distribution once the Scheme is implemented. WazirX has worked alongside financial experts, legal advisors, and brokerages to execute the necessary transactions and secure a fair asset allocation.
Founder Nischal Shetty emphasized the significance of this phase, highlighting that user participation is crucial for a successful recovery. He stated that the restructuring effort has been focused on achieving a swift resolution, with the rebalancing process playing a key role in determining the final outcome.
Zettai previously received approval from the Singapore High Court to convene a Scheme Meeting, allowing Scheme Creditors to formally vote on the proposal. Should the required majority vote in favor, followed by the court’s sanction, the Scheme will proceed to implementation. The recovery process is structured to distribute assets in phases, with the first round of distributions planned soon after approval and additional rounds extending over the next three years.
Recent Recovery Efforts
To support the ongoing recovery, WazirX has been working with blockchain forensic experts and law enforcement agencies to trace and reclaim stolen assets. The company has already frozen approximately USDT 3 million worth of stolen funds and continues to track additional missing assets with the assistance of zeroShadow, a forensic blockchain analysis firm.
The Scheme also introduces the issuance of Recovery Tokens to Scheme Creditors, with future distributions potentially funded by proceeds from illiquid wallet recoveries, reclaimed stolen assets, and profits from ongoing operations. These measures are designed to ensure a structured and transparent asset recovery process.
As the March voting period approaches, WazirX is encouraging all eligible Scheme Creditors to participate. The results will determine the next steps in one of the fastest crypto recovery efforts to date.
