Catenaa, Thursday, April 17, 2025-WazirX, India’s largest cryptocurrency exchange, has taken a significant step toward recovery after a devastating $235 million hack, with over 93% of creditors voting in favor of its proposed restructuring plan. The approval clears a key hurdle in WazirX’s effort to recover from the attack, which was attributed to North Korean hackers. The restructuring plan, now set for court sanction in Singapore, includes partial repayments to creditors, new security measures, and a phased return to operations.
Zettai Pte. Ltd., the Singapore-based company behind WazirX, announced that 131,659 creditors, representing 93.1% of the total by headcount and 94.6% by claim value, supported the recovery plan. This outcome provides a lifeline for the exchange, which had its assets frozen after the hack in July 2024. Without this approval, WazirX had warned that withdrawals could be delayed until 2030.
The approved plan will see creditors receiving 75% to 80% of their claims in USDT, while the remaining balance will be compensated with “recovery tokens,” linked to WazirX’s profits and the launch of a new decentralized exchange (DEX). The vote results were independently verified by global consultancy Alvarez & Marsal, ensuring full transparency.
The hack, which saw the loss of over $230 million in various cryptocurrencies, triggered a temporary halt in withdrawals and a criminal investigation. Since then, WazirX has implemented measures to enhance security, including moving its crypto custody to BitGo and Zodia and securing insurance coverage for future protection.
