After months of uncertainty, WazirX has taken a critical step toward rebuilding trust and returning assets to users affected by its $230 million hack in July 2024. Creditors have overwhelmingly approved a restructuring plan that promises an initial payout and a phased reopening of services.
According to the company, 93.1% of participating creditors by headcount—and 94.6% by claim value—voted in favor of the proposed Scheme of Arrangement. The vote, hosted on the Kroll Issuer Services platform from March 19 to March 28, included over 141,000 approved claims amounting to $195.65 million.
These results exceed the requirements under Singapore’s Companies Act, where WazirX’s parent company, Zettai, is incorporated. Without approval, the company faced liquidation proceedings with an uncertain and distant payout timeline projected as far as 2030.
With the vote now finalized, Zettai will seek court sanction to officially implement the plan. If approved, the exchange will initiate a first round of payouts within 10 business days and begin the gradual restoration of withdrawal and trading functionalities—pending regulatory clearance.
But WazirX’s plan goes beyond compensation. The roadmap includes launching a decentralized exchange (DEX), distributing tradable recovery tokens to affected users, and establishing a buyback mechanism funded through platform profits and new revenue channels.
The breach that sparked this crisis was attributed to the Lazarus Group, which exploited a private key compromise. WazirX pointed the finger at its custody provider, Liminal, which denied responsibility and cited weaknesses within WazirX’s own systems. The stolen funds were laundered through Tornado Cash, a privacy protocol often used to obfuscate blockchain transactions, complicating any recovery attempts.
While full restitution remains out of reach, the approved plan signals a new chapter for the exchange—one focused on stability, innovation, and regaining the confidence of its community.
