India’s Crypto Exchange Wazirx is approaching a full reboot after securing strong creditor support and awaiting final court approval to implement the restructuring plan.
Wazirx Eyes Platform Reboot Court Sanctions Reopened when it is finally missing
Indian Crypto Exchange Wazirx announced on August 18 that 95.7% of voting creditors approved the revised restructuring plan, clearing a major step towards rebooting the platform following a security breaches. The vote, organized by parent company Zettai Pte Ltd., was held from July 30th to August 6th through the Kroll Publisher Service and was open only to account holders with positive balances as of July 18th, 2024. The scheme proposes the distribution of recovery through Zanmai India, which operates under the Financial Information Unit of India, with the aim of ensuring transparency and compliance.
The new vote extended Wazirux’s moratorium, following a July ruling by the Singapore High Court, overturning previous denials of the restructuring framework. Of the total number of participants, 143,190 creditors, representing $195.7 million, exceeding the statutory requirements under Section 210 (3AB) of the Singapore Business Act 1967, were supported by the plan. WajiRux highlighted the results of social media platform X.
95.7% of the voting schemes supported the revised arrangement scheme. The results reaffirm the strong support presented in the first round of the vote and reflect the continued community’s trust in the restructuring plan.
Independent evaluators Joshua Taylor and Alvarez Henry Anthony Chambers confirmed the results, and creditors received a formal notification via email. Zettai then filed an amended summon in HC/Sum 940/2025 by the Singapore Court seeking sanctions.
Founder Nischal Shetty has stepped up his progress in both his official statement and social media platform X.
The next step is to await a court hearing. If the scheme is approved by the court, the platform can be reopened.
If the Singapore Court approves the plan, Wazirx expects to resume operations and begin distribution within 10 business days, marking a quick comeback after months of uncertainty from users.