WazirX Nears $235M Crypto Payout as Recovery Plan Gains Final Approval
WazirX to distribute $235M after hack; final creditor vote clears path for Zanmai-led fund recovery and Proof-of-Reserve.
Indian cryptocurrency exchange WazirX is on the brink of launching one of the largest user reimbursements in crypto history, with a $235 million payout expected to begin within weeks. The long-anticipated recovery plan hinges on a final creditor vote that will authorize the updated distribution framework.
The latest restructuring milestone follows a damaging cyberattack that left WazirX with a 45% gap between its assets and liabilities. Unlike exchanges such as Bybit that covered breaches using internal reserves, WazirX opted for a phased recovery. With the plan now finalized in Singapore courts, the final vote is procedural but essential. It enables fund distribution to be managed by Zanmai India, a Financial Intelligence Unit-registered entity.
Zanmai will take over operational control of the fund reimbursements, removing the need for an offshore custodian and streamlining compliance with Indian regulatory standards. Co-founder Nischal Shetty emphasized that while 91% of creditors had already supported the plan, a revote is required due to the operational shift in fund management.
"Completing the vote and restoring access to funds remains our top priority," Shetty affirmed, adding that users would be kept informed as the revote schedule is released.
As part of its trust-building measures, WazirX also announced the introduction of a Proof-of-Reserve system, a transparency mechanism that will display the exchange’s holdings and demonstrate real-time solvency. This comes amid pressure from rival Binance, which has aggressively expanded its footprint in India under proper licensing.
The payout plan’s approval would mark a major turning point for WazirX, which has faced legal battles from creditors in Singapore and reputational damage from the 2024 breach. Despite these hurdles, management remains focused on a user-first recovery strategy. The final vote will not only unlock access to frozen assets but also signal a new phase of operational transparency and regulatory alignment.
Once the vote passes, distributions are expected to roll out quickly, with users receiving direct fund access through the new Zanmai-led infrastructure.
WazirX’s revival hinges not just on compensating victims, but also on proving its resilience in a competitive, regulation-heavy market. Whether this payout marks a lasting recovery or a temporary respite remains to be seen—but for now, $235 million in crypto relief is finally within reach.
