Crypto exchange WazirX has moved a big step closer to resuming business after creditors overwhelmingly supported its debt restructuring proposal. WazirX creditor approval was made of 93.1% votes as announced by the company on April 7, 2025. It is 94.6% of the total claim value. The votes were in favor of the Scheme of Arrangement filed by the parent company Zettai Pte with the Singapore High Court.
Over 1.4 lakh creditors voted on the proposal, conducted from March 19 to 28 through Kroll Issuer Services. 1.31 lakh creditors voted for the plan to distribute money and phase an eventual resumption of trading and withdrawal in 10 business days from court approval. Approved claims amounted to US$ 195.6 million.
“This strong support is a key milestone in the recovery journey," WazirX CEO Nischal Shetty said. The exchange had lost more than US$230 million in a July 2024 hack that was blamed on North Korean hackers.
While things are going forward in Singapore, WazirX is legally challenged in India. On March 28, the Delhi High Court issued a notice to a petition filed by two users. The petition cites unauthorized restructurings of unaffected assets worth ₹2,700 crore and contests the absence of user consent.
The petition alleges customers are being forced to give up legal rights and agree to terms despite being against the repayment plan. It also questioned data privacy policies regarding sharing personal and financial information of more than 4 lakh Indian users with overseas companies.
Petitioners claim that transferring the case to Singapore evades Indian jurisdiction and may deprive users of local remedies. They have requested the court to constitute a Special Investigation Team to investigate the hack, asset management, and compliance. The next hearing is on April 29.
If approved by the Singapore court, WazirX will start phased repayments and resume platform operations soon after.