WazirX, one of India’s largest cryptocurrency exchanges, has secured over 95% approval from creditors for its latest restructuring plan and is now awaiting court sanction.
In a recent announcement, the exchange said its proposed restructuring plan received majority support on August 18, with 95.7% of creditors voting in favor. The plan has been submitted to the court for final approval.
Founded in March 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon, WazirX was once India’s largest crypto exchange. By late 2023, it reportedly served over one billion users with a trading volume of approximately 1 billion USDT, and as of August 19, its website claims a user base exceeding 16 million. In 2022, the platform’s revenue reached $108 million.
The exchange suffered a major setback in July 2024 when a cyberattack, allegedly carried out by North Korea’s Lazarus Group, resulted in losses exceeding $230 million—around 45% of its $500 million holdings. The breach triggered outrage among users, loss of funds, and multiple lawsuits in India, prompting WazirX to pursue restructuring measures in Singapore.
Its Singapore-based parent company, Zettai Pte Ltd, obtained a four-month moratorium from the Singapore High Court in September 2024, allowing time to prepare a restructuring plan. With the recent majority vote, WazirX now awaits the court’s approval of the Amended Scheme.
If sanctioned, founder Nischal Shetty said the platform aims to relaunch and resume trading within 10 business days of the scheme taking effect. Once the Singapore Court accepts the filing, Zettai will notify creditors with an update and legal filings.
This marks WazirX’s second attempt at restructuring after its first plan was rejected by the Singapore Court. Although it had also received creditor support, concerns were raised over the fairness and feasibility of that initial proposal.
The exchange faced heavy backlash at the time, with creditors accusing it of delaying repayments and scamming users. Originally, WazirX had promised to distribute assets back to customers by February 2025, but many alleged the company was using legal challenges as a delay tactic.
Following an appeal in June, the court allowed further arguments and extended the moratorium, ultimately ordering a revote on an amended restructuring scheme in August 2025, providing WazirX another opportunity to secure approval.
WazirX court proceedings in India and Singapore
In addition to its ongoing restructuring proceedings in Singapore, WazirX has come under scrutiny in India due to its connections with Binance.
Binance had previously claimed ownership of WazirX but later denied having control, sparking disputes that complicated creditor claims. On August 5, 2025, the Delhi High Court directed WazirX’s operators to submit the original Binance acquisition agreement along with details of the Singapore proceedings.
The court also sought clarification from regulators, including the RBI and SEBI, regarding their oversight responsibilities, while creditors urged the formation of a Special Investigation Team to probe the 2024 hack. The next significant hearing is scheduled for August 26, 2025, which is expected to determine both the outcome of the restructuring plan and the broader accountability of the exchange.
