WazirX CEO Nischal Shetty Reveals New Recovery Plan After $230M Hack

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.

FAQs