WazirX users approved a reconstruction plan after WazirX suffered a huge cyberattack in July 2024. Users overwhelmingly supported the plan to revive WazirX platform through Zettai oversight nine months after the February loss of $234.9 million.

A total of 141,476 creditors holding money on WazirX voted for seven days between March 19 and March 28 through KIS platform services. Out of 141,476 eligible voters, 131,659 users voted in favor of approving claims worth almost 185 million dollars. The approved claims reached $195.6 million.

WazirX Prepares Comeback After Devastating Hack

Under the strategy, users will get back 85% of their cryptocurrency portfolio, according to many people who think this action is right and properly timed. Every group of voters strongly backed the program regardless of how much they wanted to claim from $195.6 million, through votes of 92% to 95%. WazirX founder Nischal Shetty said:

“We are grateful for the strong vote of confidence. This consistent support across our entire base demonstrates shared belief in our restructuring approach and recovery plan.”

The Singapore Companies Act needs at least half of all voting creditors to support a restructuring plan and 75% in total value to make it possible. Zettai’s proposal achieved approval by both voting threshold lengths of 50 and 75 percent.

Prestigious figures Joshua Taylor and Henry Anthony Chambers from Alvarez & Marsal supervised the voting process to safeguard its ethical standards. Zettai will distribute an anonymously filtered voting report to the public as they receive the assessment results from their independent team.

The scheme needs official approval from the Singapore High Court before proceeding. After approving the scheme, Zettai will begin distributing the first payments to customers within 10 working days. Other operations including withdrawals and trading will return step by step under the orders of the regulators.

After the attack on July 18, 2024, WazirX had to stop all platform operations. The authorized recovery plan establishes a new beginning for Zettai and sets an example for addressing major crypto platform cyberattacks across Asia.