WazirX conducted a voting process for the scheme with its creditors between March 19 and 28.
A multi-sig wallet of WazirX was hacked for $230 million in July 2024
Photo Credit: WazirX
Over 93 percent of WazirX's creditors have voted in favour of the company's proposed restructuring scheme, marking a key step toward reimbursements following last year's hack. The announcement was shared in a press release on Monday, April 7, by Zettai Pte Ltd., WazirX's majority shareholder. According to Zettai, a total of 141,476 creditors participated in the vote, with 131,659 approving the plan. The exchange is now awaiting a sanction order from the Singapore High Court to initiate the refund process.
WazirX conducted the creditor voting process for its restructuring scheme between March 19 and March 28 via the Kroll Issuer Services platform. Singapore-based financial restructuring firm Kroll, which has been working closely with WazirX in recent months, played a key role in designing the proposed financial plan.
Commenting on the development Zettai said that "the proposed Scheme of Arrangement has received overwhelming support from creditors in the recently concluded voting process. All creditors with crypto balances on the WazirX platform were eligible to vote."
Key Highlights about the Voting Outcome
Zettai stated that 141,476 creditors took part in the voting process. Altogether, these creditors accounted for over $195 million (roughly Rs. 1,673 crore) in claims, according to the company.
Declaring the results, Zettai claimed that 131,659 creditors who approved the scheme represent $184 million (roughly Rs. 1,578 crore) in claims.
The scheme-approving creditors account for 93.1 percent of individual voters who collectively hold 94.6 percent share of the total claims that WazirX is set to refund.
"The approval rate remained remarkably consistent between 92 percent and 95 percent from creditors with the smallest claims to creditors with the largest claims. This level of support significantly exceeds the statutory voting threshold requirement of at least 75 percent of creditors approving the scheme," Zettai added.
Next Steps
Following the completion of the voting process, Zettai submitted the votes for verification to an independent assessor, Joshua Taylor and Henry Anthony Chambers of Alvarez & Marsal. The aim was to ensure transparency and accuracy in the voting process. The assessor has submitted an official verification report to Zettai and Kroll -- which will also be made available to the creditors "shortly", Zettai added.
Zettai will now be filing an application with the Singapore High Court to receive a sanction for the creditor-approved scheme. The exchange will process the first distribution of refunds within ten business days of receiving the sanction from the Singapore court.
"The resumption of withdrawals, and trading, will happen in phases, to ensure compliance with regulatory guidelines," Zettai informed the creditors.
A Timeline of WazirX's Ordeal Following the Hack
On July 18, 2024, a WazirX multi-signature wallet—managed under the oversight of Liminal Custody—was compromised in a $230 million (roughly Rs. 1,900 crore) hack. Citing investigative reports, WazirX has attributed the breach to North Korean hackers.
In the eight months since the incident, WazirX and its parent company, Zettai, have collaborated with Singapore-based Kroll to design a comprehensive restructuring scheme aimed at reimbursing affected users.
As per WazirX, its scheme includes the issuance of recovery tokens (RTs) and distribution of recoveries through RT purchase mechanisms. The recovery tokens will be tradable in the market. The exchange believes that affected users have a chance to earn money by trading these tokens in the market during a bull run.
If the creditors had rejected the proposed scheme, WazirX's other option would have been to opt for liquidation -- which could have taken up to three years to settle.
Now that the scheme has been approved, WazirX co-founder Nischal Shetty has expressed gratitude towards the exchange's community.
"This consistent support across our entire base demonstrates shared belief in our restructuring approach and recovery plan," Shetty said, commenting on the fresh development.
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