On April 7, Zettai Pte Ltd., the parent company of Singapore-based 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, totalling the voting process. The Kroll Issuer Services platform held the vote from March 19 to March 28, the exchange said in a statement.
131,659 creditors representing $184.99 million of approved claims voted in favour of the restructuring. The figure counts 93.1% of creditors and 94.6% in value, Wazirx said.
A vote in favor of the scheme to be approved required at least 50% of the creditors and 75% of the value in value.
Zettai, the parent company of the exchange, will apply to the Singapore Court to sanction the scheme. “Subject to court sanctions and the effectiveness of the scheme, the initial distribution will begin within 10 business days of the scheme becoming legally effective,” the statement said.
The Wazirx trouble began last year when Indian Exchange suffered a hack worth around $234.9 million on July 18, 2024.
If the hacking group is a country, it will be the fourth largest Bitcoin holder in the world, according to Bitcoin Trays.