Wazirx’s Comeback
Indian cryptocurrency platform Wazirx is on the verge of a significant comeback, moving towards a relaunch contingent upon final judicial approval of its restructuring strategy. Recently, on August 18, Wazirx revealed that an overwhelming 95.7% of its creditors voted in favor of the revised restructuring proposal, marking a pivotal advancement for the exchange following a severe security incident that halted its operations.
Voting Process and Results
The vote took place between July 30 and August 6 and was managed by its parent organization, Zettai Pte Ltd., with participation restricted to account holders who had positive balances by July 18, 2024. A total of 149,559 creditors contributed to the voting process, representing claims worth $206.9 million. The restructuring plan features a transparent recovery distribution system through Zanmai India, which is regulated by the Financial Intelligence Unit of India.
This decisive vote comes after the Singapore High Court’s ruling in July, which not only extended the moratorium for Wazirx but also overturned the previous denial of its restructuring efforts. Of those who participated in the vote, 143,190 creditors, amounting to $195.7 million in claims, endorsed the restructured plan, exceeding the legal requirements detailed in Section 210(3AB) of the Singapore Companies Act 1967.
Community Confidence and Next Steps
Wazirx shared this encouraging result on the social media platform X, celebrating the overwhelming creditor support as a testament to community confidence in the revitalization strategy.
The validity of the voting results has been confirmed by independent assessors from Alvarez & Marsal, Joshua Taylor and Henry Anthony Chambers, and creditors received their confirmations via email. Zettai has further submitted an amended application, HC/SUM 940/2025, to the Singapore Court for the expected sanction of their restructuring plan.
Founder’s Statement
Wazirx founder Nischal Shetty took to social media to highlight this positive development, stating, “95.7% of voting scheme creditors voted in favour of the amended scheme. The next step is awaiting the court hearing. If successful, we will be able to restart the platform.”
If the court gives its approval, Wazirx anticipates resuming operations and initiating the distribution of assets within 10 business days, potentially alleviating user concerns after a period of uncertainty.
