One of India’s biggest crypto exchanges, Wazirx has received over 95% of the majority votes for its latest restructuring proposal. Currently awaiting court approval.
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- Wazirx’s latest restructuring plan received a 95.7% creditor vote, cleared by Singapore’s court approval or denial.
- India Exchange is surrounded by legal issues after receiving a $230 million hack in July 2024.
In a recent release from Wazirx, Crypto Exchange proposed yet another restructuring plan to the court for approval. On August 18, the restructuring plan received majority support from creditors, with 95.7% of creditors voting in favor of the proposal.
Once known as India’s biggest crypto exchange, Wazirx was co-founded in March 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. As of late 2023, the platform had reached over 1 billion users and had trade volumes worth around US$1 billion. As of August 19th, the site claims to have a user base of over 16 million people. That revenue reached 108 million in its final fiscal report in 2022.
According to a press release from the US State Department, tragedy was attacked in July 2024 when the platform was hit by a cyberattack that hit the platform. The company lost 45% of its holdings of more than $230 million or $500 million.
The violation caused anger among users, many of whom lost access to funds, prompting lawsuits in India and attempts to restructure in Singapore.
Wazirx’s Singapore-based parent, Zettai Pte Ltd, immediately sought protection from creditors and was granted a four-month moratorium by the Singapore High Court in September 2024, purchasing time to prepare a restructuring plan.
A majority vote from creditors on the proposal to restructure means that they are waiting for a green light of regulations from the Singapore Court to sanction the revised scheme.
If approved, Wazirx founder Nischal Shetty said the platform will “restart customer transactions within 10 business days of the scheme and begin preparing to resume.
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Once the submission is accepted by the Singapore Court, Zettai will notify the creditor through an update issued in a copy of the attached legal application.
This is the second vote on the Wajirux Restructuring Plan that will progress after the first was rejected by the Singapore Court. The court also raised concerns about the fairness and feasibility of the plan despite receiving a majority vote from its creditors.
At the time, the exchange received a backlash from frustrated creditors who accused customers of scamming them for months’ delays. Initially, it had promised to distribute assets to customers by February 2025. Many suspected that exchanges were using legal issues as an excuse to avoid repaying users.
However, in the second half of June, Wazirux appealed for a review, with the court allowing further discussion and extending the suspension. By August 2025, the court ordered a revision of the revised restructuring scheme, signaling another opportunity for Wajirux to advance its plan.
Wajirux court hearing in India and Singapore
Aside from the ongoing lawsuit of proposals for a restructuring in Singapore, Wajirux was scrutinized in India for its relationship.
Binance once claimed ownership of Wazirx, but later refused to control it, causing a dispute claimed by complicated creditors. On August 5, 2025, Delhi High Court ordered the operators of Wajirux to submit details and details of the Singapore procedures.
The court also called on regulators like the RBI and SEBI to clarify the role of surveillance, and creditors asked the establishment of a special investigative team to investigate the hack. The next major hearing is set for August 26, 2025. This is expected to determine both the outcome of the restructuring and the progress of broader accountability in exchange.
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