WazirX's Restructuring Plan Gets Overwhelming 90% Creditor Approval!

Crypto Exchange's Future Hangs in the Balance as Singapore Court Review Looms

Holy moly, WazirX's creditors have spoken loud and clear! Over 90% of them have given a resounding thumbs up to the proposed restructuring plan, smashing through a major hurdle before the big court showdown in Singapore. It's like a crypto rollercoaster, and we're all strapped in for the ride!

These creditors had a tight 10-day window to cast their votes on Zettai's restructuring plan, and boy, did they deliver! By the end of it, a tidal wave of support came crashing in from WazirX users holding a whopping $196 million in claims. More than 90% of them backed the proposal, and now all eyes are on that Singapore court review. It's like a high-stakes drama unfolding right before our eyes!

In a blog post that dropped jaws, WazirX, still reeling from a $230 million hack masterminded by the notorious North Korean Lazarus Group back in July 2024, said the results "significantly exceed" the statutory voting threshold. And get this - they needed at least a majority by count and 75% of the total value of claims from creditors present and voting to approve the scheme. Talk about a nail-biter!

"The approval rate remained remarkably consistent between 92% and 95% across all creditor segments - from creditors with the smallest claims to creditors with the largest claims."

WazirX

The voting frenzy went down on the Kroll Issuer Services platform from March 19 to March 28, and over 141,000 creditors with $195.6 million in approved claims jumped into the fray. It's like a crypto battle royale, and everyone's fighting for their piece of the pie!

Zettai, WazirX's parent company, is now gearing up to seek court approval for the plan. If the judges give it the green light, the first distributions will kick off within 10 business days, and trading and withdrawals will start coming back online in phases. But wait, there's more! As part of this restructuring extravaganza, WazirX is planning to build its own decentralized exchange. No word on when that's happening, but you know we'll be keeping our eyes peeled!

A WazirX spokesperson spilled the beans to us, saying, "If the majority of the voters choose to 'Vote Yes' for the Scheme, and it becomes effective, the first round of fund distribution of approximately 80-85% will happen in 10 business days." It's like a crypto Christmas come early!

Founded back in 2018 by the dynamic trio of Nischal Shetty, Siddharth Menon, and Sameer Mhatre, WazirX was once the king of the crypto jungle in India, boasting a trading volume of over $43 billion in December 2021. That's a mind-blowing 1,735% increase from 2020! But then, in July 2024, the Lazarus Group swooped in and stole over $234 million in multiple crypto assets. The U.S. Department of State pointed the finger at North Korea's state-sponsored hacking group in a January press release. And get this - they were also behind the CoinEx hack in September 2023, where they made off with $54 million. It's like a real-life heist movie, and we're all on the edge of our seats!