Over 90% of Creditors Back WazirX Restructuring Plan: Signs of Recovery After $230 Million Hack
Cryptocurrency exchange WazirX has taken a major step forward in its recovery from last year’s massive hack, as over 90% of its creditors voted in favor of a restructuring plan proposed by parent company Zettai.
Overwhelming Support from the User Community
According to an official announcement on WazirX’s blog, the voting process – which took place from March 19 to 28 via the Kroll Issuer Services platform – saw over 141,000 creditors participate, representing $195.6 million in approved claims.
The final results showed that more than 90% of the voting participants approved the restructuring plan, far exceeding the minimum requirement under Singapore’s law, which requires:
More than 50% of the votes per capita
At least 75% of the total value of the claims represented must approve
This is seen as a major milestone in the recovery efforts after the hack of more than $230 million in July 2024 – one of the largest attacks in the history of Indian cryptocurrencies.
Lazarus Group: The group behind the historic hack
The attack on WazirX is believed to have been carried out by Lazarus Group – a hacker group backed by the North Korean government. The group shocked the crypto community when it stole $54 million from CoinEx in September 2023. In January 2025, the US State Department confirmed Lazarus’ involvement in the attack on WazirX.
Fund Distribution Coming Soon
With a favorable vote, Zettai will submit its plan to the Singapore Court for approval. If approved, the first fund distribution is expected to take place within 10 business days, providing 80–85% of the value of the compensation to users, according to a WazirX spokesperson.
The distribution will be carried out in phases, accompanied by the reopening of trading and withdrawal functions, marking the first step in restoring trust from users and the investment community.
The Future: Decentralized Exchanges and a New Direction
As part of the restructuring, WazirX also revealed plans to develop its own decentralized exchange (DEX), which will enhance security and control over user assets. However, the official launch date has not been determined.
WazirX: From Peak to Crisis
Founded in 2018 by Nischal Shetty, Siddharth Menon and Sameer Mhatre, WazirX was once one of the largest crypto exchanges in India. In 2021, the platform reached an annual trading volume of over $43 billion, up 1,735% from 2020.
However, the 2024 hack dealt a heavy blow to the exchange's reputation and operations. The restructuring plan approved this time is a new hope for WazirX to recover, regain its position in the market and serve the investor community with a safer platform in the future.
