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Zafar Naik
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Sohrab KhawasSohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jul 16, 2025 13:00 UTC
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WazirX CEO Nischal Shetty Reveals New Recovery Plan After $230M Hack
WazirX CEO Nischal Shetty returns with a revised recovery plan after court rejection.
Singapore court agrees to review the proposal if creditors revote.
Fund distribution could resume within weeks if the new plan is approved.
WazirX CEO Nischal Shetty has finally broken his silence with a clear plan on the table. In a new post on X, Shetty confirmed that a revised recovery proposal is now being considered by the Singapore High Court, after the original plan was rejected.
If approved, this new approach could restart fund distribution within weeks – offering a possible breakthrough for users who’ve been waiting nearly a year after the $230 million hack.
Court Reopens the Case, But There’s a Catch
The original restructuring plan was turned down by the Singapore court, largely due to regulatory concerns. But Shetty now says the court is willing to revisit the case with one condition: creditors must vote again.
What’s changed? According to Shetty, the key update is a shift in who will handle the fund distribution.
“The broad amendment is that instead of Zettai, it will be Zanmai helping with the fund distribution if the scheme is approved,” he posted.
Zanmai is the Indian firm already running INR-crypto trading pairs on WazirX. Unlike Zettai, which is based in Singapore, Zanmai is registered with Indian regulators which could help ease compliance issues and fast-track the process.
If the Vote Goes Through, Funds Could Start Moving
Shetty says the team is ready to act quickly once the new vote happens. “We will announce the voting date soon,” he wrote. If all goes well, fund distribution could begin in a matter of weeks.
But for many users, this isn’t the first time they’ve heard similar promises.
Trust is Still a Major Hurdle
The $230 million hack in July 2024 caused major damage to WazirX’s credibility. But it wasn’t just the hack itself – users were also frustrated with how the exchange handled it.
There were accusations of poor communication, delays, and even pressure tactics. Some users claimed they were being pushed to choose between waiting years for a court process or helping fund the platform’s reopening themselves.
Shetty’s new post is a step forward, but many are still skeptical, especially after months of silence and missed timelines.
A Second Chance for WazirX?
This revised plan could finally give WazirX the reset it needs if creditors give it the green light. The involvement of a regulated Indian entity like Zanmai might help rebuild confidence.
For now, everything rests on the upcoming vote. If it passes, it could mark a major turning point in one of India’s biggest crypto recovery cases. But if it doesn’t, WazirX may be back to square one.
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FAQs
The WazirX hack, one of India’s biggest crypto debacles, occurred in July 2024, resulting in a loss of ₹2,000 crore (approximately $230 million) in user funds from the exchange.
Users are outraged because their funds remain locked with no resolution, accountability, or refunds from Nischal Shetty, who quietly transferred ownership and launched a new venture while they await justice.
WazirX CEO Nischal Shetty confirmed a revised recovery proposal is now being considered by the Singapore High Court after the original plan was rejected. If approved, fund distribution could restart within weeks.
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