Last updated on August 31st, 2025 at 01:34 pm
WazirX, once India’s largest cryptocurrency exchange, has cleared a major hurdle in its bid to recover from last year’s $230 million hack, winning overwhelming support from creditors for a revised restructuring plan.
The proposal, backed by 95.7% of creditors on August 18, is now pending approval from the Singapore High Court.
The exchange’s Singapore-based parent, Zettai Pte Ltd, had sought protection from creditors after the July 2024 cyberattack, attributed to North Korea’s Lazarus Group, drained nearly half of its $500 million reserves. The breach sparked widespread outrage from users who lost access to their funds, fueling lawsuits across India and restructuring attempts in Singapore.
This latest vote comes after an earlier plan, despite majority support, was rejected by the Singapore Court over concerns about fairness and feasibility. Following an appeal and extended moratorium in June 2025, the court ordered a revote on an amended scheme, giving WazirX another chance to win approval. If sanctioned, founder Nischal Shetty said the platform aims to relaunch trading
“within 10 business days of the scheme taking effect.”
Founded in 2018 by Shetty, Sameer Mhatre, and Siddharth Menon, WazirX grew rapidly to a reported 16 million users by August 2025, at one point claiming over a billion cumulative users and $1 billion in trading volume. In 2022, the company posted revenues of $108 million before its downfall began with the massive hack.
Meanwhile, the exchange is also facing legal scrutiny in India. On August 5, 2025, the Delhi High Court ordered WazirX’s operator to produce the original Binance acquisition agreement and disclose details of its Singapore restructuring process.
The order followed long-running disputes over Binance’s ownership claims, which have complicated creditor demands. Regulators including the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) have also been asked to clarify their oversight role.
The next critical hearing is scheduled for August 26, 2025, where both the future of WazirX’s restructuring and broader accountability for the hack are expected to take center stage.
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