After practically being delivered to its knees by a $235 million hack, WazirX simply secured an important shot at survival.
Greater than 93% of collectors have voted in favor of the Indian crypto alternate’s restructuring plan—clearing a key hurdle in efforts to get better from the devastating exploit, attributed to North Korean hackers.
The plan, now headed for court docket sanction in Singapore, guarantees partial repayments, new protections, and a phased return to operations.
In a press release shared with Decrypt on April 7, Zettai Pte. Ltd., the Singapore-based holding firm behind WazirX, revealed that 131,659 collectors voted to assist the proposed Scheme of Association.
That accounts for 93.1% by headcount and 94.6% by declare worth among the many 141,476 eligible voters.
“We’re grateful for the sturdy vote of confidence,” mentioned WazirX founder Nischal Shetty. “This constant assist throughout our complete base demonstrates shared perception in our restructuring method and restoration plan.”
With belongings frozen and belief fractured because the July assault, Zettai warned in early 2025 that with out creditor approval, withdrawals might be delayed till 2030.
The newly permitted plan sidesteps that cliff as customers will now obtain between 75% to 80% of their claims in USDT, whereas the remaining will likely be lined by “restoration tokens” tied to WazirX’s earnings and the launch of a brand new decentralized alternate (DEX).
To make sure full transparency, the vote outcomes had been verified by Joshua Taylor and Henry A. Chambers, Managing Administrators at international consultancy agency Alvarez & Marsal, who served as impartial assessors.
The formal vote report will likely be shared with all collectors, alongside anonymized outcomes, as per the corporate assertion.
The $235 million WazirX hack
The vote brings a level of decision to a disaster that started in July 2024, when hackers, later linked to North Korea’s Lazarus Group, compromised WazirX’s multi-signature wallets and made off with belongings spanning over 200 tokens.
The stolen crypto included Ethereum (ETH), Shiba Inu (SHIB), and Polygon (POL, on the time MATIC), a few of which was traced via formerly-sanctioned coin mixer Twister Money as a part of a laundering effort involving 15,000 ETH.
The hack triggered a short lived halt to withdrawals and a prison investigation by Delhi Police’s IFSO division, which arrested a person in West Bengal in November for allegedly opening a fraudulent WazirX account that enabled unauthorized entry.
In February, CoinDCX CEO Sumit Gupta tweeted that WazirX’s lack of transparency across the breach had probably endangered others.
“If WazirX and Phemex had disclosed all of their safety breach particulars brazenly and transparently as Bybit did, the Protected{pockets} infra vulnerability may have been caught,” Gupta wrote, including that, “One of the best ways to guard the ecosystem is to be taught brazenly.”
WazirX, in the meantime, has since shifted its crypto custody to BitGo and Zodia, launched insurance coverage protection, and earmarked $12 million for authorized prices and restoration.
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