WazirX CEO Nischal Shetty Reveals New Recovery Plan After $230M Hack

WazirX CEO Nischal Shetty has outlined a revised recovery proposal following the platform's $230 million hack, now under consideration by the Singapore High Court. The original plan was rejected due to regulatory concerns, but the court has reopened the case with a stipulation: creditors must revote.

The key change involves shifting fund distribution responsibilities from Singapore-based Zettai to Zanmai, an Indian firm already managing INR-crypto pairs on WazirX. This MOVE aims to streamline compliance and accelerate the process. Shetty emphasized that approval could enable fund distributions to commence within weeks, offering relief to users awaiting resolution for nearly a year.

The team stands ready to execute swiftly pending creditor approval, marking a potential turning point in the protracted recovery effort.