WazirX Creditors Back Restructuring Plan to Payback $230M Hack Victims

The scheme would trigger an initial payout within 10 business days, followed by phased resumptions of withdrawals and trading, subject to regulatory compliance.

• Crypto exchange WazirX received over 93% approval from creditors for its Scheme of Arrangement, moving closer to asset recovery after a $230 million hack.
• The voting, involving over 141,000 creditors, exceeded Singapore’s Companies Act requirements, preventing a shift towards liquidation.
• If sanctioned by the Singapore Court, the scheme will initiate payouts and resume withdrawals, with plans for a decentralized exchange and recovery tokens.

Creditors of WazirX have shown overwhelming support for a restructuring plan aimed at repaying victims of a $230 million hack. With over 93% approval from more than 141,000 creditors, the scheme is now close to being implemented, preventing the need for liquidation as per Singapore's Companies Act requirements.

The next step involves seeking approval from the Singapore Court for the proposed plan. Once sanctioned, an initial payout will be made within 10 business days, with a gradual restoration of withdrawals and trading activities based on meeting regulatory standards.

Additionally, part of the recovery strategy includes launching a decentralized exchange (DEX), introducing recovery tokens tradable on the platform, and implementing periodic buybacks of these tokens using profits and new revenue streams.