The post WazirX restructuring plan gets 95.7% votes, awaits court approval appeared on BitcoinEthereumNews.com.

WazirX, one of the largest crypto exchanges in India, has gained a majority vote of more than 95% for its latest restructuring proposal. It is now awaiting court approval. Summary WazirX’s latest restructuring plan received a 95.7% creditor vote, cleared by a Singapore court approval or refusal. The Indian exchange has been wrapped up in legal troubles ever since it suffered a $230 million hack in July 2024. In a recent release from WazirX, the crypto exchange has proposed yet another restructuring plan to the court for approval. On August 18, the restructuring plan received majority support from creditors, with 95.7% of creditors casting their votes in favor of the proposal. Once dubbed India’s largest crypto exchange, WazirX was co-founded in March 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. As of late 2023, the platform reportedly reached over one billion users and had a trading volume worth around 1 billion USDT. As of August 19, its site claims to have a user base of more than 16 million. Its revenue reached 108 million in its last fiscal report in 2022. Tragedy struck in July 2024 when the platform was hit by a cyberattack believed to be initiated by the North Korean hacking group, the Lazarus Group, according to a press release from the U.S. Department of State. The company lost over $230 million or 45% of its total $500 million holdings. The breach sparked outrage among users, many of whom lost access to their funds, and prompted lawsuits in India and restructuring attempts in Singapore. WazirX’s Singapore-based parent, Zettai Pte Ltd, quickly sought protection from creditors and was granted a four-month moratorium by the Singapore High Court in September 2024, buying time to prepare a restructuring plan. A majority vote from creditors on the restructuring proposal means that…

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Filed under: News - @ August 19, 2025 12:27 pm