Zettai’s Restructuring Plan Secures Overwhelming Creditor Approval, Paving Way for WazirX Revival​

A major boost for the cryptocurrency sector has been provided in the form of Zettai Pte Ltd, the parent Singapore company of Indian crypto exchange WazirX, stating that the Scheme of Arrangement proposed by the company has received overwhelming support from its creditors. The approval represents a crucial step back to the platform’s normal after a major security breach hit the platform in July 2024.

Strong Creditor Backing

The voting of the creditors took place between March 19 and March 28, 2025 and 141,476 creditors representing the total amount of approximately $195.65 million approved claims participated in the voting using the Kroll Issuer Services platform. Out of these, 131,659 creditors representing claims of $184.99 million voted for the restructuring plan.

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Converting this into count and value, it translates to 93.1 per cent and 94.6 per cent respectively, and is well in excess of the 50 per cent count and 75 per cent value requirements stipulated under Singapore’s Companies Act for such schemes. However, the stable approval rates between 92 percent and 95 percent across all creditor segments suggest a broad agreement among stakeholders whatever their claim size.

​Zettai’s restructuring plan enjoys overwhelming creditor support that, in fact, exceeds materially the statutory thresholds prescribed by Singapore’s Companies Act. Based on this strong consensus, it shows the unison of the stakeholder to enable WazirX’s recovery and confidence they have on the roadmap proposed by WazirX.

These are such high levels of approval, especially for something that is a restructuring strategy when one is looking at the prospects of the platform from the verge of demise.​

Consistency of the approval rates across all creditor segments, 92% – 95% suggest that the restructuring plan has a broad based basis. This uniformity implies that the proposed scheme is beneficial to all the creditors, regardless of the size of their claims, and that creditors view and expect the future of the platform from the same point of view.

Fair support to different creditor groups assists in confirming the legitimacy of the restructuring process and its expected positive consequences for the entire group of stakeholders.

Path to Recovery

This is a key milestone in the merits of the restructuring plan because of the July 2024 cyberattack caused a loss of crypto assets worth more than $230 million. The attack, which is claimed by the North Korean Lazarus Group, involved more than 4.4 million users of that site.

Zettai now intends to start the first distribution of available liquid assets under the approved scheme within 10 business days of the scheme coming into legal effect, subject to sanction by the Singapore High Court. Furthermore, recovery tokens will be provided to creditors in order for them to redeem as part of the company’s recovery efforts.

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On top of this, the company has also detailed its plan to restart trading and withdrawals in stages and in line with regulatory rules to ensure user accessibility.

Future Outlook

Besides recovery measures in the immediate term, Zettai also plans to launch a decentralized exchange (DEX) and use its operational profits to restitute users. But both these initiatives are meant to restore trust and to bring long-term value in stakeholders.

Ahead of the challenges the company is prepared, with proactive approach and transparent communication, accompanied with structured recovery plans to which puts the company in good stead in the face of dealing with what it will, and perhaps setting the precedent for a fast data recovery within the cryptocurrency industry.

Moving towards court sanction for the restructuring plan, the crypto community and stakeholders alike will keep an eye on developments in hopes of a quick fix and effective resolution.