In a pivotal move toward recovery, WazirX has secured overwhelming creditor support for its proposed restructuring plan, aiming to reimburse users impacted by last year’s $230 million security breach.

Over 93% of participating creditors approved the Scheme of Arrangement during a voting period held from March 19 to March 28 via Kroll Issuer Services. The vote included more than 141,000 verified claimants with a combined $195.65 million in approved claims. Of those, $184.99 million worth—representing 131,659 creditors—voted in favor, comfortably surpassing the legal thresholds set by Singapore’s Companies Act.

The exchange’s parent firm, Zettai, had previously warned that failure to pass the proposal would force a shift to liquidation proceedings under Singaporean law, a route that could delay potential recoveries until 2030 and yield lower returns for creditors.

With creditor approval secured, Zettai will now seek court sanction in Singapore. If granted, the plan will activate an initial distribution within 10 business days, followed by a gradual reopening of trading and withdrawal services, pending compliance with regulatory requirements.

The restructuring also outlines a long-term recovery strategy that includes launching a decentralized exchange (DEX), distributing tradeable recovery tokens to affected users, and executing scheduled token buybacks using platform revenue and future earnings.

The breach, attributed to North Korean hacking group Lazarus, was reportedly caused by a private key compromise. WazirX blamed its custody partner, Liminal, for the failure—a claim Liminal contested, citing flaws in WazirX’s internal systems. The stolen funds were subsequently funneled through Tornado Cash, complicating efforts to trace and reclaim the assets.

While a full recovery remains uncertain, the creditor-backed scheme offers a concrete first step in restoring some of the losses suffered by WazirX users.