News Flash: WazirX claims 93.1% users voted yes for restructuring

More than 9 months after the WazirX cryptocurrency exchange was hacked for Rs 2000 crore, the exchange management on Monday announced that it has received overwhelming support from users for its proposed restructuring scheme that will see the exchange returning 85% of crypto portfolios.

According to the latest announcement made by WazirX management on Monday, a total of 141,476 users voted in the week-long process, out of which an overwhelming 93.1% voted for yes. Total claims put forth by 1.41 lakh users have been USD184,997,156.31. WazirX had lost $234.9 million in crypto funds in a cyber hack on July 18 2024, after which the exchange was suspended.

The voting was open to all creditors with crypto balances on WazirX and was conducted via the Kroll Issuer Services (KIS) platform between March 19 and March 28 . In total, 141,476 creditors participated, representing approved claims worth over $195.6 million. Of those, 131,659 voted in favour, with claims adding up to roughly $185 million.

According to Singapore’s Companies Act, a scheme needs the approval of at least 50% of creditors by count and 75% by value of those who vote. Zettai’s proposal comfortably cleared both requirements.

Interestingly, the approval remained consistent across the board — whether a creditor had a small claim or a large one, support hovered between 92% and 95%. This suggests a broad agreement among users on the direction Zettai wants to take for recovery.

To ensure fairness, the voting results were verified by independent assessors, Joshua Taylor and Henry Anthony Chambers from Alvarez & Marsal. The final verification report has been submitted to Zettai and will soon be made available to creditors, along with anonymized voting details.

Next, Zettai will file an application with the Singapore High Court to get formal approval. Once the court sanctions the scheme, the first phase of repayments will begin within 10 business days. The company says withdrawals and trading will resume in phases, depending on regulatory guidelines.