Crypto exchange WazirX is set to resume operations, but its fate now depends on a crucial vote by its creditors. Between March 19 and 28, 2025, nearly four million users will cast their votes on the Recovery Scheme that could determine the platform’s future.
The vote, facilitated by Kroll Issuer Services (KIS), will be crucial in deciding whether WazirX can proceed with its restructuring plan or face liquidation. Alvarez & Marsal, an independent assessor overseeing the process, will evaluate the results.
One of the Largest Crypto Attacks in History
On July 18, 2024, WazirX suffered a massive cyberattack, during which hackers stole $234 million in crypto, making it one of the largest security breaches in the crypto industry. A joint statement released by the US, South Korea, and Japan identified North Korea’s Lazarus Group as the primary suspect behind the ongoing cyberattacks. In India, Law Enforcement Agencies also arrested an individual linked to the case, marking a breakthrough in the investigation.
Despite the setback, WazirX has been working to recover lost assets. In January, the exchange successfully froze $3 million worth of stolen USDT with the help of a blockchain security firm.
The Vote That Could Shape WazirX’s Future
The upcoming vote will determine whether WazirX proceeds with its Scheme of Arrangement, allowing the exchange to restart trading and begin user repayments or proceed to liquidation. A YES vote would initiate structured payouts, whereas a NO vote could lead to liquidation, which WazirX warns could result in lower recoveries and long delays.
“If the majority votes in favor, we can restart the platform and resume trading,” said Nischal Shetty, Founder of WazirX. “Most users understand that voting YES offers faster access and higher returns. Voting NO means a longer process, higher costs, and uncertainty.”
Security Upgrades & Plans for the Future
The cyberattack has also raised concerns over centralized custody, leading to increased interest in Decentralized Exchanges (DEX). While WazirX has expressed interest in launching a DEX, Shetty emphasized that the company’s immediate priority is reopening the Centralized Exchange.
WazirX has selected a new custody provider to strengthen security, focusing on enhanced protection measures. “We’ve taken a lot of learnings from this and are ensuring that such an attack never happens again,” Shetty said.
The Final Countdown to a Critical Decision
With the voting window opening soon, WazirX has ramped up efforts to inform users about their options. The exchange is using multiple media channels—social media, videos, blogs, and FAQs—to ensure that users understand the implications of their vote.
The vote will determine WazirX’s fate. If approved, the exchange could be back in business within weeks. If rejected, liquidation proceedings could extend for years.
The decision now lies with WazirX’s users.
