Restructuring plan for WazirX receives overwhelming 95.7% support, awaits judicial sanction
WazirX's Amended Restructuring Plan Awaits Court Approval
WazirX, the Indian cryptocurrency exchange, is one step closer to resuming operations following the overwhelming approval of its amended restructuring plan by over 95% of participating creditors in a second vote held in August 2025.
The exchange initially promised to distribute assets back to customers by February 2025, but the court extended the moratorium and ordered a revote on the amended restructuring scheme due to the rejection of the initial plan.
The court's decision comes amidst ongoing legal proceedings related to the $234 million hack in July 2024, which led to the suspension of withdrawals. The hack has caused significant hardship for users, with many suspecting WazirX is using legal issues as an excuse to avoid paying back users.
The Singapore High Court is now set to sanction the amended restructuring plan. If approved, WazirX aims to resume trading and start compensations promptly. The court has raised concerns over the plan's fairness and feasibility, and has called upon regulators like the RBI and SEBI to clarify their oversight role.
Creditors have also pushed for the formation of a Special Investigation Team to probe the hack. Meanwhile, WazirX has been under scrutiny in India over its ties to Binance.
WazirX's operator has been ordered by the Delhi High Court to submit the original Binance acquisition agreement and details of the Singapore proceedings. The next major hearing is set for August 26, 2025.
Zettai, the company overseeing the restructuring process, will inform creditors of the rejection and provide legal filings. WazirX has appealed for reconsideration, and the court has allowed further arguments.
The amended restructuring plan, if sanctioned by the court, will trigger WazirX’s resumption of operations and compensation to affected users within days. This development brings a glimmer of hope for users who have been waiting for access to their crypto balances.
[1] WazirX Awaits Court Approval for Amended Restructuring Plan (2025), www.cryptonews.com
[2] WazirX Amended Restructuring Plan Garners Strong Creditor Support (2025), www.coindesk.com
[3] WazirX Plans to Resume Trading and Compensations Post Singapore Court Approval (2025), www.financialexpress.com
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