WazirX’s path to recovery has hit another delay. A Singapore court has postponed the Indian crypto exchange’s restructuring hearing to June 6, seeking clearer evidence of creditor approval before signing off on the plan. This comes nearly a year after the platform suffered a $235 million hack.
WazirX claims overwhelming support for its recovery strategy, with 93% of creditors, representing 94.6% of total claims, voting in favor of the proposal. The plan promises to restart operations and initiate partial repayments, potentially avoiding a drawn-out liquidation process.
Voting took place in March through the Kroll Issuer Services platform, with 141,000+ creditors involved, totaling nearly $195.6 million in claims.
However, many users remain skeptical. Critics say the proposed 51–55% recovery rate is too low and appears to prioritize the company’s future ventures, such as launching a decentralized exchange (DEX) and issuing a recovery token.
Some affected users say they felt they had no real choice, fearing liquidation would delay payouts by years. There’s also lingering mistrust following allegations that WazirX previously used customer funds to pay for legal fees.
Parent firm Zettai Labs has submitted the vote results for verification. If the court approves the plan in June, WazirX says it will resume withdrawals and trading within 10 business days in a phased rollout. As the case moves forward, the spotlight remains on WazirX’s ability to deliver on its promises—and rebuild trust in the crypto community.
Image Credit: Pixabay
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