WazirX Secures High Creditor Support for Restructuring Plan
WazirX, a prominent crypto exchange in India, has secured a resounding 95.7% creditor vote for its latest restructuring plan. The plan now awaits court approval.
Founded in 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon, WazirX boasted over 16 million users and $1 billion in trading volume as of mid-2023. However, tragedy struck in July 2024 when a cyberattack, allegedly by the North Korean Lazarus Group, drained $230 million from the platform.
- The attack caused widespread outrage and multiple lawsuits.
- Zettai Pte Ltd, WazirX’s parent company based in Singapore, sought creditor protection.
A majority creditor vote supports the restructuring plan, paving the way for potential revival. WazirX founder, Nischal Shetty, stated that trading could resume within 10 business days post-approval.
this marks the second vote on a restructuring plan, following rejection of the initial one. Creditors had delayed asset distribution, raising concerns over delays and fairness. Despite setbacks, WazirX appealed successfully for reconsideration, leading to an amended plan.
Besides Singapore, WazirX faces scrutiny in india over its connection with Binance. The Delhi High Court demanded documents on the alleged acquisition and sought insights from the RBI and SEBI. A significant hearing on August 26, 2025, could resolve multiple issues for the embattled exchange.
