WazirX Users Say Yes! Will They Get Their Crypto Back? 🤔💰

In a turn of events that could only be described as a plot twist worthy of a second-rate detective novel, WazirX, the cryptocurrency exchange that recently found itself the victim of a rather audacious heist to the tune of Rs 2000 crore, has announced that a staggering 93.1% of its users have given a resounding thumbs-up to a proposed restructuring scheme. One can only imagine the collective sigh of relief echoing through the digital corridors of the exchange!

In a week-long voting extravaganza that would make even the most seasoned election officials raise an eyebrow, a grand total of 141,476 users cast their votes. And lo and behold, 93.1% of them decided that yes, indeed, they would like to see 85% of their crypto portfolios returned. One can only wonder if they were swayed by the promise of a shiny new restructuring plan or perhaps just the allure of getting their hard-earned digital coins back.

📢 Update on Scheme of Arrangement Voting
93.1% of voting creditors, representing 94.6% in value, have voted YES to the Scheme of Arrangement. This strong support marks an important milestone in the recovery process and reflects a shared belief in the proposed restructuring…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 7, 2025

The voting, which was as open as a 24-hour diner, allowed all creditors with crypto balances on WazirX to participate via the Kroll Issuer Services (KIS) platform. Between March 19 and March 28, 141,476 creditors joined the fray, representing claims worth over $195.6 million. Of those, a hearty 131,659 decided to throw their hats in the ring for the restructuring, with claims totaling around $185 million. It’s almost as if they were all in on a cosmic joke!

Now, according to the esteemed Singapore’s Companies Act, a scheme requires the approval of at least 50% of creditors by count and 75% by value. Zettai’s proposal, bless its heart, breezed through both requirements like a hot knife through butter. It’s almost as if the universe conspired to ensure that everyone was on the same page—whether they were clutching a small claim or a hefty one, support remained steadfastly between 92% and 95%. Talk about unity!

“We are grateful for the strong vote of confidence,” said WazirX founder Nischal Shetty, likely with a twinkle in his eye. “This consistent support across our entire base demonstrates shared belief in our restructuring approach and recovery plan.”

To keep things above board, the voting results were scrutinized by independent assessors, Joshua Taylor and Henry Anthony Chambers from Alvarez & Marsal. The final verification report has been submitted to Zettai and will soon be available to creditors, along with anonymized voting details. Because who doesn’t love a bit of transparency in the murky waters of cryptocurrency?

Next on the agenda, Zettai will be filing an application with the Singapore High Court to secure formal approval. Once the court gives its nod, the first phase of repayments will commence within a mere 10 business days. The company assures us that withdrawals and trading will resume in phases, depending on the whims of regulatory guidelines. One can only hope that the regulators are in a generous mood!

2025-04-07 11:49

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