TL;DR
- More than 93% of creditors supported the restructuring plan proposed by Zettai following the WazirX hack, allowing progress without judicial liquidation.
- The scheme includes initial payments, the reactivation of platform functions, and the launch of a DEX with recovery tokens tied to future revenues.
- Final approval depends on the Singapore Court; if granted, Zettai will begin executing the plan in the coming weeks.
WazirX secured majority backing to implement its restructuring plan following the July 2024 hack, in which over $230 million in crypto assets were stolen.
The proposal, led by its parent company Zettai, received support from more than 93% of the creditors who participated in the vote. This level of approval, which also represents 94.6% of the total value of validated claims, exceeds the legal thresholds set by Singapore’s Companies Act, allowing progress toward a partial recovery without resorting to judicial liquidation.
WazirX Awaits Court Response
The voting process took place between March 19 and March 28 via the Kroll Issuer Services platform. More than 141,000 creditors participated, collectively representing nearly $195 million in validated claims. Once the count was completed, an independent reviewer verified the results to ensure transparency. The review confirmed the validity of the data, allowing Zettai to prepare the formal request for approval before the Singapore Court.
If the court authorizes the plan, an initial payment will be made within 10 business days of the judicial ruling. In addition, WazirX plans to gradually restore withdrawal and trading functionalities on its platform, under regulatory compliance. The scheme also includes new measures aimed at strengthening its operational structure. Among them is the launch of a decentralized exchange and the issuance of recovery tokens that can be traded and repurchased with future revenue.
A Process That Could Have Extended to 2030 Was Avoided
The security breach was attributed to the Lazarus group and caused significant losses for WazirX users, who have waited several months for a concrete resolution. While the chances of recovering the stolen funds remain limited, this new scheme represents a structured attempt to restore part of the lost assets and avoid a judicial process that could have delayed compensation until at least 2030.
With the court request underway, Zettai expects to begin implementing the plan in the coming weeks, provided it receives judicial approval. Creditors will receive direct updates on the progress of the process and the next steps if the scheme is enacted.
