In a major step toward recovery, WazirX, one of India’s largest cryptocurrency exchanges, announced that 93.1% of its users voted in favor of a plan to recover funds lost in a $230 million hack last year. The vote, which took place from March 19 to March 28, 2025, saw 94.6% of the total claim value supporting the Scheme of Arrangement—a legal plan to fairly distribute remaining assets.
WazirX shared the news on April 7, 2025, via its official X account, marking a hopeful moment for millions of users waiting to access their funds.
📢 Update on Scheme of Arrangement Voting
93.1% of voting creditors, representing 94.6% in value, have voted YES to the Scheme of Arrangement. This strong support marks an important milestone in the recovery process and reflects a shared belief in the proposed restructuring… pic.twitter.com/3eUBdMTknb
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 7, 2025The hack happened in July 2024, when hackers stole over $230 million in digital assets from WazirX, affecting more than 15 million users. The attack, linked to the North Korean Lazarus Group, forced the exchange to halt withdrawals and trading, leaving users frustrated. To address the crisis, WazirX turned to Singapore’s legal system, working with Zettai Pte Ltd to propose a restructuring plan. This plan, called a Scheme of Arrangement, aims to distribute the platform’s remaining assets to users and eventually restart operations.
The voting process was a key step, requiring at least 50% of users and 75% of the claim value to approve it—thresholds that were easily met with the 93.1% and 94.6% approval rates.
The strong support from users shows their trust in WazirX’s recovery plan, despite the challenges. Nischal Shetty, co-founder of WazirX, expressed gratitude on X, saying, “The people have spoken. We will work hard on rebuilding and creating value for everyone.” However, not everyone is fully on board. Some users have voiced concerns about the plan, which involves sharing the $230 million loss among all users, meaning they may not recover their full funds. Still, the alternative—liquidation—could take years and result in even smaller payouts, which likely swayed many to vote yes.
The crypto market has been watching WazirX’s situation closely, especially as Bitcoin and other cryptocurrencies see price surges. On April 7, 2025, Bitcoin was trading around $80,000, according to CoinMarketCap, a rise that could benefit users if WazirX distributes assets in crypto.
However, the uncertainty around the hack has dented trust in Indian crypto exchanges, with some investors turning to global platforms instead. Analysts say a successful recovery could help rebuild confidence in India’s crypto scene, which has already faced regulatory hurdles.
Now, the next step is for Zettai to ask the Singapore High Court to approve the plan, a process that could take a few weeks. If the court gives the green light, WazirX has promised to start distributing assets within 10 business days, potentially as early as late April 2025.
The exchange also plans to slowly bring back withdrawals and trading, while sharing future profits with users to help recover more over time. But there are challenges ahead—court approval isn’t guaranteed, and WazirX is still working to recover the stolen funds, offering a $23 million bounty for leads.
For WazirX users, this vote is a light at the end of a long tunnel, offering a chance to recover most of their funds and see the platform back in action. For the broader crypto community, it’s a test of how exchanges can bounce back from major setbacks. As the court decision looms, users and investors alike are keeping a close eye on what happens next.
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