TLDR
- WazirX users have approved a revised restructuring plan after the Singapore High Court rejected the previous version.
- Over 95 percent of voting creditors supported the new proposal during a vote held from July 30 to August 6.
- The exchange lost 234 million dollars in crypto during a July 2024 hack that has been linked to North Korean attackers.
- The updated plan allows Zanmai India to manage recovery token distributions under Indian regulatory oversight.
- WazirX founder Nischal Shetty stated that repayments could begin within ten days of court approval of the new plan.
Thousands of WazirX users have backed a revised restructuring proposal after the Singapore High Court rejected an earlier version. Over 95% of voting creditors approved the plan, which could lead to repayments within 10 days of court approval. The exchange lost $234 million in a July 2024 hack linked to North Korean hackers.
WazirX Creditors Back Updated Token Strategy
WazirX users cast their votes between July 30 and August 6, with nearly 150,000 participants representing $206 million in claims. The vote followed the rejection of a similar plan in April due to regulatory concerns over recovery tokens. The new proposal addresses court concerns and introduces changes to the fund distribution structure.
95.7% of voting scheme creditors voted in favour of the amended scheme. Next step is to wait for the court hearing. If the scheme is approved by the court then we can restart the platform. https://t.co/PG2wfAkskU
— Nischal (Shardeum) 🔼 (@NischalShetty) August 18, 2025
Zanmai India, a regulated Indian entity, will now handle the token distributions under India’s Financial Intelligence Unit. WazirX stated that net profits and asset recoveries will still support the buyback of these recovery tokens. This adjustment aims to comply with regulatory expectations and prevent prolonged delays.
The company emphasized that failure to pass the plan could have postponed repayments until 2030. According to WazirX, liquidation would extend timelines significantly and impact user recoveries. Therefore, many users supported the plan to expedite a resolution.
Platform Shifted Operations After Singapore Ruling
WazirX, previously operated by Singapore-based Zettai, faced jurisdictional challenges after the High Court rejected the first proposal. In June 2025, it registered a Panama-based subsidiary, Zensui Corporation, to manage its crypto operations. This shift enables the platform to align with legal structures across borders.
The change also responds to Singapore’s new crypto rules, which restrict services to overseas users. As a result, WazirX transitioned platform services to entities outside Singapore. The company reassured users that regulatory compliance remains a priority.
Founder Nischal Shetty stated, “If approved, repayments will begin within 10 days of the scheme taking effect.” Meanwhile, restructuring partner Kroll previously suggested a delay of two to three months post-approval. The exact timeline now hinges on the court’s final ruling.
Users Remain Divided Over Recovery Tokens and Delays
Despite high voter turnout, some users expressed concern about the recovery token model and operational transparency. These tokens represent residual claims and are funded by exchange profits and asset recoveries. Critics argue that holders of unhacked coins may lose value due to market shifts.
Others remain skeptical about WazirX’s legal and jurisdictional changes during the restructuring process. The Indian Supreme Court dismissed a related petition in April, citing its limited scope on crypto policy matters. Therefore, legal options for many users remain limited.
