WazirX Receives Over 93% Approval for $230 Million Restructuring Plan
Crypto exchange WazirX received over 93% approval from creditors for its Scheme of Arrangement, aiding victims of a $230 million hack. Key details include:
- The voting occurred on the Kroll Issuer Services platform from March 19 to March 28.
- More than 141,000 creditors with claims totaling $195.65 million participated.
- 131,659 creditors voted in favor, accounting for 93.1% by count and 94.6% by value.
- The approval surpassed Singapore’s Companies Act requirements of majority by count and 75% by value.
Without approval, liquidation would have likely resulted in lower asset recovery, estimated for 2030. Zettai plans to seek court sanction, potentially allowing initial payouts within 10 business days and resumption of withdrawals and trading, pending regulatory compliance.
The refund plan includes launching a decentralized exchange (DEX), issuing recovery tokens, and conducting buybacks using platform profits. A security breach in July 2024, attributed to the Lazarus Group, resulted in significant losses, complicating recovery efforts.