WazirX Creditors Back Restructuring Plan Like a House on Fire (Minus the Actual Fire)

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Well, it seems the good folks at WazirX have pulled off a bit of a miracle — with over 90% of their creditors giving a big thumbs up to the proposed restructuring plan. This monumental support clears the way for a court review in Singapore, which is exactly what everyone needs right now: more paperwork and another round of legal drama. Oh, joy! 🙄

The creditors had a whole 10 days to cast their votes on Zettai’s plan — a luxurious window of time for people who probably don’t have anything better to do than sort out financial messes. By the end of the voting, nearly $196 million worth of claims were involved, and the result was an avalanche of support for the plan. Who knew that finance could bring out such a loyal crowd?

WazirX, which famously lost over $230 million in 2024 thanks to a very exclusive hack by North Korea’s Lazarus Group (who’s apparently got more skill with crypto than your average hacker), proudly announced that the results “significantly exceed” the voting threshold. Well, that’s a relief! I mean, who wouldn’t want a majority to vote yes to a plan that might save their wallets, right?

“The approval rate remained remarkably consistent between 92% and 95% across all creditor segments — from creditors with the smallest claims to creditors with the largest claims.”

WazirX

Now, before you get too excited, the voting process took place on Kroll Issuer Services from March 19 to March 28, where over 141,000 creditors with a collective $195.6 million in claims decided that yes, this plan looked like it might just work. And, really, who are we to argue with a crowd that size?

Now, Zettai, the parent company of WazirX (because every crypto exchange needs a parent company, obviously), plans to take the next step and ask for court approval for this “miracle restructuring.” If the court says, “Sure, why not?” the first distributions will begin in 10 business days. Yes, you read that right: 10 days. Trading and withdrawals will also slowly trickle back in, because nothing says “we’re back” like gradual, mysterious phases of reactivation.

Oh, and as part of the grand plan, WazirX wants to build its own decentralized exchange. But, of course, there’s no word on when exactly that might materialize because, you know, crypto projects are all about *timelines*… or lack thereof.

According to a spokesperson, if the voters opt to ‘Vote Yes’ and the plan goes through, the first round of distributions will happen in 10 business days. Roughly 80-85% of the funds will be in the hands of creditors shortly thereafter, just in time for everyone to buy their next big crypto project… or something.

For those unfamiliar, WazirX was founded in 2018 by the illustrious trio Nischal Shetty, Siddharth Menon, and Sameer Mhatre. At its peak, it was one of India’s largest crypto exchanges. In 2021, it reported an annual trading volume of over $43 billion, which was a 1,735% increase from the previous year. Whoa, talk about a *crypto* success story.

Unfortunately, in July 2024, the exchange took a huge hit and lost more than $234 million to a hack, courtesy of the Lazarus Group. Yes, the very same gang of cyber geniuses who managed to relieve CoinEx of $54 million in 2023. It seems like they have a *particular set of skills* when it comes to crypto heists. 😒

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2025-04-08 14:35