WazirX Debt Restructuring Approved

WazirX, the defunct Indian cryptocurrency exchange, has achieved a significant milestone in its debt restructuring efforts following a cyberattack last year. On April 7th, the Singapore High Court approved the Scheme of Arrangement proposed by its parent company, Zettai Pte Ltd. This plan aims to recover user funds lost in the attack.

WazirX Restructuring: Overwhelming Creditor Support

According to an official announcement, Zettai's Scheme of Arrangement garnered strong support. From March 19th to 28th, voting on the Kroll Issuer Services platform showed that 93.1% of voting creditors (representing 94.6% of the value) voted in favor. A total of 131,659 out of 141,476 creditors voted to approve the plan.

Founder Expresses Optimism

WazirX founder Nischal Shetty expressed gratitude for the “strong vote of confidence,” stating that this support reflects a shared belief in the restructuring approach and recovery plan.

Next Steps: Fund Recovery and Platform Resumption

WazirX stated that the next step involves the Singapore Court's formal sanctioning of the scheme, with Zettai planning to file an application shortly. Once approved, users will receive an update outlining the legal framework. The exchange anticipates distributing the first batch of funds within 10 business days of the scheme's legal effectiveness. Trading and withdrawals will resume in phases to ensure regulatory compliance.

This development marks a positive step towards recovering lost funds for WazirX users nearly a year after the attack. For those seeking secure and reliable solutions in the blockchain space, Codeum provides comprehensive services including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies.