WazirX suffered a devastating hack that saw approximately $234.9 million wiped out by North Korea’s Lazarus Group. This prompted an immediate shutdown of operations and forced the exchange into a legal and financial tailspin. The fallout included suspended withdrawals and legal scrutiny.
Over the following months, WazirX’s parent company, Zettai Pte Ltd, built a recovery strategy. Yet, the initial restructuring proposal was rejected by the Singapore High Court on June 4, 2025. A revised plan was then sanctioned, revoting was ordered, and the court extended Zettai’s moratorium to allow more time.
Revote Result: Overwhelming Backing
Between July 30 and August 6, 2025, WazirX users took part in the revised vote via the Kroll Issuer Services platform. A total of 149,559 creditors representing $206.9 million in claims participated. Among those:
- 95.7% by count and 94.6% by claim value voted in favor of the revised scheme.
This result surpasses prior support levels, exceeding the statutory threshold under Section 210 (3AB) of the Singapore Companies Act, which requires both a majority count and 75% claim value.
Independent Verification Ensures Trust
To guarantee transparency, the votes were verified by Independent Assessors—Joshua Taylor and Henry Anthony Chambers—under Alvarez & Marsal supervision. Their Vote Report confirmed the accuracy and fairness of the revote.
What’s Next: Distribution Timeline and Court Approval
With the vote validated, Zettai will file the plan with the Singapore High Court for formal approval. Once sanctioned, the first recovery distributions to users are expected within 10 business days.
Recovery will be managed by Zanmai India, a registered entity under India’s Financial Intelligence Unit (FIU-IND), ensuring compliance and legal oversight.
WazirX founder Nischal Shetty emphasized the fairness and speed of the process, noting that operations could restart promptly once the court sanctions the scheme.
What This Means for Stakeholders
This successful revote is a critical turning point in restoring user trust and operational capability:
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For users: It offers hope for recovering lost crypto funds and possibly resuming platform activity.
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For the crypto community: It provides a case study in structured recovery under regulatory scrutiny.
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For regulators and exchanges: Shows how transparent governance and legal compliance can rebuild confidence.
Industry analysts highlight this as a pivotal moment that could stabilize market sentiment.
Summary Table
| Metric | Outcome |
|---|---|
| Hack Date | July 18, 2024 – ~$235 million lost |
| Creditor Vote Participation | 149,559 creditors, $206.9 million in claims |
| Approval Rate | 95.7% by count, 94.6% by value |
| Distribution Manager | Zanmai India (FIU-IND registered) |
| Verified By | Alvarez & Marsal independent assessors |
| Next Step | Singapore Court sanction → distribution within 10 days |
Frequently Asked Questions About WazirX Revote Outcome
Q1. When will crypto funds be returned to users?
Answer: Once the Singapore Court sanctions the plan, Zanmai India will distribute funds within 10 business days under the revised scheme.
Q2. Who qualifies as a creditor?
Answer: All WazirX users with positive crypto balances as of July 18, 2024, were eligible to vote and receive funds.
Q3. Is WazirX likely to resume operations?
Yes—Nischal Shetty has stated that operations could restart swiftly after court approval.
