WazirX Restructuring Plan Gains Overwhelming Creditor Support Amid Legal Challenges
WazirX, once India's largest cryptocurrency exchange, has secured a 95.7% creditor approval for its restructuring proposal following a devastating $230 million hack in July 2024. The breach, attributed to North Korea's Lazarus Group, wiped out nearly half of the platform's holdings.
The exchange, co-founded in 2018 by Nischal Shetty and others, had reported 16 million users and $108 million revenue in its last fiscal year. Its rapid growth trajectory was abruptly interrupted by the security incident, sparking user outrage and regulatory scrutiny.
Singapore courts now hold the final decision on the restructuring plan. The outcome could set precedents for how crypto exchanges handle post-breach recovery in jurisdictions without clear regulatory frameworks.
