• WazirX has secured 95.7% support from creditors for its new restructuring plan. 
• According to the CEO, Nischal Shetty, if all goes well and the Singapore court approves the restructure plan, the exchange would start operations in 10 business days. 

The popular Indian exchange platform WazirX has come out again to share details on the restructuring plan it has to reimburse affected creditors. On the 19th of July 2024, WazirX suffered a major hack by the well-known cybercrime organization, Lazarus Group. According to the details shared by Tronweekly, the crypto exchange experienced a breach in its multisig wallet, causing it to lose over $230 million. 

Ever since the hack happened more than one year ago, the exchange platform has tried to recover users’ funds through different means, including setting up a restructuring plan. At the first court hearing, the Singapore court rejected the plan, leaving the exchange platform with the option of making an official appeal.

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So far, there has been no update with regard to the appeal and the decision of the court. However, WazirX went on to create another “voting amendment scheme” that happened between July 30th and August 6th. The decisions of the voters are what the exchange platform came out to share a few hours ago.

Update on the WazirX Creditors Voting Plan 

The exchange managed to gain strong backing from creditors, with over 95% of total creditors who voted approving of the new restructuring plan, which now awaits the official approval of the Singapore High Court.

According to the details shared on the platform’s official blog, 149,559 creditors who own about $206.9 million in claims are participating. Out of these numbers, 143,190 creditors representing $195.7 million voted in favor of the restructuring plan.

That huge fraction made up 95.7% by number and 94.6% by value, showing that compared to the last vote, more creditors participated. This result also beats the targeted legal requirement under Section 210(3AB) of the Singapore Companies Act, highlighting the exchange’s confidence in the process that would restore their user balance.

The founder of the platform, Nischal Shetty, also added that if the plan is properly followed through, the platform could resume trading services within 10 business days once the scheme takes effect.

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