WazirX’s Proposed Restructuring Scheme: Voting Period and Recovery Process
WazirX, a leading cryptocurrency exchange, has officially announced the commencement of the voting period for its proposed restructuring scheme. This critical phase allows Scheme Creditors to have a say in the next steps of the recovery process. The voting is scheduled to take place from March 19 to March 28, 2025, through the Kroll Issuer Services platform, where participants can cast a simple YES or NO vote. The results of the voting will be carefully reviewed by Alvarez & Marsal, acting as the Independent Assessor.
WazirX Voting Dates & Other Details
Zettai Pte Ltd, the entity overseeing WazirX’s restructuring, has recently confirmed the tentative voting dates. The outcome of the voting will determine whether the Scheme of Arrangement moves forward, pending final approval from the Singapore High Court. If approved, the initial phase of token distributions is expected to commence within 10 business days of the Scheme becoming effective.
The restructuring process has involved a meticulous rebalancing of available assets to align them with platform liabilities. This rebalancing, completed in January 2025, ensures that approximately 85% of Scheme Creditors’ balances—valued as of July 18, 2024, at 1 PM IST—will be made available for distribution once the Scheme is implemented. WazirX has collaborated with financial experts, legal advisors, and brokerages to execute the necessary transactions and ensure a fair asset allocation.
Founder Nischal Shetty has emphasized the importance of user participation in this phase, underscoring that a successful recovery hinges on active involvement from Scheme Creditors. The restructuring effort has been laser-focused on achieving a prompt resolution, with the rebalancing process playing a pivotal role in shaping the final outcome.
Recent Recovery Efforts
In a bid to bolster the ongoing recovery efforts, WazirX has been collaborating with blockchain forensic experts and law enforcement agencies to trace and reclaim stolen assets. The company has already managed to freeze approximately USDT 3 million worth of stolen funds and is actively pursuing additional missing assets with the assistance of zeroShadow, a forensic blockchain analysis firm.
The Scheme also introduces the issuance of Recovery Tokens to Scheme Creditors, with future distributions potentially being funded by proceeds from illiquid wallet recoveries, reclaimed stolen assets, and profits from ongoing operations. These measures have been strategically designed to ensure a structured and transparent asset recovery process.
As the voting period in March draws near, WazirX is urging all eligible Scheme Creditors to participate actively. The outcomes of the voting will shape the next steps in what is being hailed as one of the fastest crypto recovery efforts to date. Stay tuned for more updates on WazirX’s restructuring journey.