On Apr. 7, Zettai Pte Ltd., the Singapore-based parent company of the Indian crypto exchange WazirX, announced that a majority of the exchange’s creditors have approved the restructuring scheme.
A total of 141,476 creditors representing $195.65 million in approved claims participated in the voting process. The Kroll Issuer Services platform conducted the voting from March 19 to March 28, the exchange said in the statement.
131,659 creditors representing $184.99 million in approved claims voted in favor of the restructuring. The figure represents 93.1% of creditors by count and 94.6% by value, WazirX said.
It required at least 50% of creditors by volume and 75% by value to vote in favor of the scheme to get approved.
The exchange’s parent company Zettai will apply to the Singapore Court to sanction the scheme. “Subject to the Court’s sanction and the effectiveness of the Scheme, within 10 business days of the Scheme becoming legally effective, the First Distribution will begin,” the statement said.
Trouble for WazirX began last year when the Indian exchange suffered a hack worth approximately $234.9 million on July 18, 2024. The exploit was attributed to the notorious North Korea-linked Lazarus group.
If the hacking group were a country, it would be the fourth largest Bitcoin holder in the world, as per BitcoinTreasuries.
