- 93.1% of creditors approved Zettai’s Scheme of Arrangement plan.
- First fund distributions may begin within 10 days of court approval.
- The scheme follows the 2023 cyber attack that restricted user access.
WazirX has moved a step closer to returning frozen user funds after securing major support for its debt restructuring plan. The Scheme of Arrangement, proposed by its parent company Zettai Pte Ltd, was officially approved by over 90% of voting creditors. The plan was created to resolve user claims following a cyber attack on the exchange last year.
More Than 130,000 Creditors Voted in Favor of the Proposal
According to WazirX, the restructuring initiative was designed to address the impact of the exploitation incident. The plan was submitted through the Singapore High Court and aimed to allow phased fund distribution to affected users. The voting process was conducted via the Kroll Issuer Services platform between March 19 and March 28.
Out of the 141,476 total creditors who participated in the vote, 131,659 approved the Scheme of Arrangement. This outcome reflected 93.1% of all votes and 94.6% of the value represented by participating creditors. The approval level signals widespread backing for Zettai’s approach to settle user balances and restore platform activity.
The vote allows Zettai to proceed with the next legal step in the recovery process. The next stage involves filing the application for court sanction in Singapore. Once the court recognizes the plan, Zettai will issue a formal notice to users detailing the terms and legal framework.
WazirX Prepares for Phased Fund Distribution
The exchange noted that users could receive the first portion of funds within ten business days of legal approval. Withdrawals and platform activity will resume in phases, according to the company’s release. The phased reopening is intended to comply with regulatory conditions. Zettai remains responsible for filing the court documents.
After approval, a separate update will be issued to users specifying recovery timelines. The exchange reported that the phased approach is necessary to ensure asset security and system stability during the recovery period. WazirX’s founder, Nischal Shetty, acknowledged the outcome and confirmed continued support from the platform’s base of creditors. According to Shetty, the vote represents an agreement on the restructuring method selected to restore user access.
The Scheme of Arrangement was drafted after the platform faced a critical outage caused by a cyber breach in 2023. The breach resulted in restricted user access and prompted the current resolution path through the Singapore legal system. With the voting completed, Zettai’s filing to the Singapore High Court is the final requirement before the plan becomes effective. Once the court provides its approval, Zettai will begin the legal process of returning funds to the platform’s user base.
