WazirX Revote Passes With 95.7% Support: When Will Users Get Their Crypto Back?

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WazirX’s new, shiny restructuring plan has breezed through a revote, securing a magnificent 95.7% approval, all but ushering the loyal users toward a much-anticipated reunion with their lost crypto fortune. Truly, it’s a moment of triumph – for some. 🙄

WazirX Restructuring Heads Back To Court After Overwhelming Support

In a plot twist befitting a mediocre thriller, WazirX, India’s crypto exchange, was ruthlessly hacked last July, leaving it with a hole roughly the size of $235 million. This unfortunate incident wiped out nearly half of the company’s reserves, forcing them to shut down withdrawals and leave users wondering if they’d ever see their digital treasures again. Fast forward a year, and it seems that the phoenix of cryptocurrency is stirring from the ashes-maybe. Just maybe.

Now, after much drama and posturing, WazirX appears to be inching toward recovery, or at least some semblance of it. According to their latest blog post (one they surely hope you’re reading), users have voted in favor of their revised restructuring plan, offering a glimmer of hope to those who have been twiddling their thumbs in wait. ⏳

The voting window opened from July 30th to August 6th. The question was simple: do you approve of this latest plan? Surprisingly, the vote results were more thrilling than a Bollywood plot twist, with 95.7% of creditors giving a resounding “Yes.” This was, however, the second vote-because, apparently, one vote just wasn’t enough to get this circus through the Singapore High Court. 🤷‍♂️

The first vote back in March showed 93.1% approval, but for reasons known only to the gods of bureaucracy, the original proposal was not deemed court-worthy. The roadblock? Compliance issues, naturally. The original plan involved Zettai PTE LTD, a fine Singaporean company, managing the crypto funds. But alas, that didn’t fly with the legal eagles. 🦅

Fast forward to last month, WazirX returned to court with an updated proposal. This time, it was all about a family reunion with Zanmai Labs, WazirX’s Indian parent company, which will now handle the withdrawal process instead of Zettai. Spoiler alert: the court was thrilled to approve this revised plan. So, what happened next? Another vote! And, well, 95.7% is now officially the magic number, just a hair above the first vote. Pure democracy at its finest.

“A second round of voting with such a resounding result shows our restructuring has been fair, transparent, and-wait for it-quickest in helping users reclaim their hard-earned funds,” said Nischal Shetty, WazirX founder and apparently the hero of this epic saga. 🎬

The next exciting chapter? Back to the Singapore High Court, where the amended plan will be reviewed once more. In an email to creditors (which surely went straight to your inbox), WazirX confirmed they’ve already filed with the court, ahead of the ominously looming August 21st deadline.

If the court gives their stamp of approval, WazirX promises to get operations back on track in a mere 10 business days. Ah, the sweet taste of optimism. 🍀

In other news, CoinDCX, another Indian crypto exchange, joined the “Hacked and Robbed Club” last month, with a $44 million hack. Incidentally, the timing was eerily close to WazirX’s own misfortune, happening almost exactly a year later. Coincidence? Perhaps, but it’s certainly not comforting.

Bitcoin Price

Bitcoin, ever the drama queen, shot up to a glorious $117,000 on Monday, only to fall back into its habitual slump, now lounging around $115,600. The drama is real, folks.

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2025-08-20 07:14