In a significant development for WazirX, India's largest cryptocurrency exchange, over 95% of participating users have endorsed a revised restructuring plan aimed at compensating victims of the $234 million hack that occurred in July 2024. This approval comes after the Singapore High Court rejected the initial proposal in June 2025, citing concerns over transparency and regulatory compliance.

Background and Legal Challenges

Following the cyberattack, WazirX sought to implement a restructuring plan through its parent company, Zettai, to facilitate the return of funds to affected users. However, the Singapore High Court dismissed the plan, highlighting issues related to the company's lack of transparency, particularly regarding its rebranding to Zensui and the opening of a new firm in Panama. In response, WazirX appealed the decision and was granted a four-month extension to present further arguments. 

Revised Plan and User Approval

The amended restructuring plan, which garnered 95.7% approval from users, introduces significant changes to address the court's concerns. Notably, the recovery tokens will now be repurchased using the exchange's net profits and distributed through Zanmai India, a subsidiary operating under Indian jurisdiction. This adjustment aims to align with local financial regulations and enhance transparency.

Next Steps and Outlook

With user approval secured, WazirX plans to submit the revised scheme for formal sanctioning by the Singapore High Court. If approved, the exchange anticipates resuming operations and initiating the first distribution of funds to affected users within 10 business days.

Conclusion

While the overwhelming user support marks a significant step forward, the path to full recovery remains fraught with legal and regulatory challenges. The exchange's ability to navigate these hurdles will determine the speed and success of compensating its users and restoring its operations.