WazirX receives Major Support for Crypto Restructuring Plan
WazirX, India’s prominent crypto exchange, has achieved a meaningful milestone. Its latest restructuring plan earned a ample 95.7% vote from creditors. Now, it awaits final court approval.
Since July 2024, WazirX has faced severe challenges following a massive $230 million cyberattack allegedly by the Lazarus Group. The breach lead too widespread anger among users who lost access to their funds, triggering lawsuits and restructuring efforts.
Founded in 2018, WazirX rapidly grew to more than 16 million users with a trading volume of around 1 billion USDT by late 2023. But the July incident shattered trust and finances, prompting the Singapore-based parent company, Zettai Pte Ltd, to seek creditor protection.
The Singapore High Court granted a four-month moratorium in September 2024, giving time for a restructuring plan.After a failed attempt, creditors recently endorsed an amended plan, paving the way for possible revival.
- Founder Nischal Shetty hopes to relaunch trading within 10 business days post-approval.
- The plan faces scrutiny in both Singapore and India courts.
- India’s Delhi High Court seeks details on WazirX’s connection with Binance.
the next court hearing scheduled for August 26, 2025, could determine WazirX’s future.
