WazirX’s Wild Ride: 95.7% Vote Yes, But Will the Court Say “Mazel Tov” or “Oy Vey”? 🤔

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Hold onto your crypto wallets, folks! WazirX, India’s once-crown-jewel of crypto exchanges (before it became more drama than a Bollywood blockbuster), just got a whopping 95.7% approval from creditors on its latest restructuring plan. Now, all it needs is for the Singapore court to give it the thumbs up-or the middle finger. Who knows with these legal eagles? 🦅🤷‍♂️

  • 95.7% of creditors voted “Yes” to WazirX’s newest Hail Mary restructuring plan. But will the Singapore court say “Yay” or “Nay”? Stay tuned for the cliffhanger!
  • Oh, and let’s not forget the juicy backstory: WazirX got hacked for $230 million in July 2024 by the Lazarus Group-because who DOESN’T love a good North Korean cyber-heist? 🚀🕵️‍♀️

In a plot twist worthy of a Mel Brooks movie, WazirX has now submitted its “Amended Scheme” to the court after receiving thunderous applause (well, 95.7% approval) from creditors on August 18. The company claims it’ll be ready to relaunch faster than you can say “blockchain”-just 10 business days after the court gives the green light. 🚦💸

Let’s rewind a bit: WazirX was co-founded in 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. It grew faster than a Bitcoin bubble, boasting over 16 million users and trading volumes worth $1 billion USDT at its peak. But then… *record scratch* …a $230 million hack happened. Yikes! That’s like losing your lunch money, but on a global scale. 😅💰

The hack didn’t just leave users fuming; it also sparked lawsuits in India and sent WazirX’s parent company, Zettai Pte Ltd, running to the Singapore High Court for protection. They got a four-month moratorium in September 2024 to figure out their next move. And boy, did they have moves! 💃🕺

But here’s the kicker: This isn’t their first rodeo. Nope. Their FIRST restructuring plan got rejected by the court because-surprise!-it wasn’t “fair” or “feasible” enough. Creditors were NOT happy, accusing WazirX of pulling a fast one. Some even called it a scam. Ouch. 😬🔥

Fast forward to June 2025: WazirX begged for a do-over, and the court said, “Fine, we’ll give you ONE MORE CHANCE.” By August 2025, creditors were asked to revote on an amended plan. Spoiler alert: They said yes. Again. Now, it’s up to the court to decide if this circus act gets the final curtain call. 🎪🎬

Courtroom Drama: India vs. Singapore Edition 🏛️🎭

But wait, there’s more! Aside from the Singapore saga, WazirX is facing heat in India over its shady ties with Binance. Remember when Binance claimed ownership of WazirX, only to later deny it? Awkward. 😬 On August 5, 2025, the Delhi High Court demanded answers, including the original acquisition agreement and details of the Singapore proceedings.

Regulators like RBI and SEBI are also being dragged into this mess, while creditors are pushing for a Special Investigation Team to dig deeper into the hack. The next hearing is set for August 26, 2025. Will justice prevail, or will this turn into another season of “Crypto Courtroom: The Untold Story”? Tune in to find out! 📺⚔️

So, dear reader, what do YOU think? Is WazirX about to rise from the ashes like a phoenix, or will it crash and burn like a poorly coded smart contract? Place your bets, folks-it’s gonna be a wild ride! 🎢🎢🎢

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2025-08-19 13:27