Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

WazirX News: 93% Users Back Recovery Scheme; Delhi HC Questions Restructuring

Share This Post

The post WazirX News: 93% Users Back Recovery Scheme; Delhi HC Questions Restructuring appeared first on Coinpedia Fintech News

WazirX Fund Recovery Plan Approved

WazirX has taken a major step toward recovering user funds lost in last year’s cyberattack by passing a debt restructuring plan on April 7, 2025. The Scheme of Arrangement, proposed by parent company Zettai Pte Ltd and filed with the Singapore High Court, received overwhelming support — 93.1% of creditors (representing 94.6% of the total value) voted in favor.

Over 1.4 lakh creditors participated, with 1.3 lakh voting “yes.” The next step is court approval in Singapore High Court. If approved, the fund distribution will start within 10 business days, and WazirX will slowly restart trading and withdrawals.

“We are grateful for the strong vote of confidence,” remarked Nischal Shetty, Founder of WazirX. “This consistent support across our entire base demonstrates shared belief in our restructuring approach and recovery plan.”

Delhi HC Questions Crypto Restructuring

The Delhi High Court has stepped in as WazirX faces backlash for allegedly restructuring user crypto assets without consent. Petitioners claim that the platform is making changes without user consent, affecting even those assets not hit by a past cyberattack. The court issued a notice on March 28, 2025, in response to a petition filed by Sudhir Verma and Kunal Dhariwal against the Union of India, challenging the handling of crypto assets on WazirX. 

The application, part of a larger case filed in October 2024, seeks to stop the restructuring of user assets without consent. The court has now given the government two weeks to respond. The case has sparked concerns around user rights and data protection. 

Petition Challenges ₹4,400 Cr WazirX Asset Restructuring

Notably, the petition challenges a Scheme of Arrangement dated March 12, 2025, proposed by Zettai Pte. Ltd. to manage and redistribute users’ crypto assets on WazirX, raising concerns over the lack of user consent and transparency.

The petitioners argue that crypto assets worth ₹2,700 crore were not affected by the July 2024 cyberattack. However, a total of ₹4,400 crore in assets including those unaffected are now being restructured. This includes rebalancing and liquidating assets to cover Zettai’s debts and operational costs, such as ₹259 crore in legal and administrative fees. They claim that this is being done without user consent, violating their rights.

Furthermore, the restructuring plan also forces users to drop legal cases and protect the platform from any blame, even if they don’t agree with the plan. The petition also raises concerns about biased voting, since the process is being handled by a private advisor. To add to it, there are major data privacy worries, as personal and financial info of over 4 lakh Indian users is being shared with foreign companies.

Interestingly, the petitioners claim that taking the restructuring case to the High Court of Singapore is a way to avoid Indian legal checks, which could leave Indian users without a fair legal solution. They’ve asked for a Special Investigation Team (SIT) of experts in cybercrime, financial fraud, and digital assets to investigate the cyberattack and make sure Indian laws are properly enforced. The next hearing is scheduled for April 29.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Pepe Makes It To Trump’s Feed—Is A Crypto Endorsement Next?

US President Donald Trump’s brief post on Truth Social on May 29 sparked a quick burst of excitement among crypto traders Based on reports, some users saw a hidden reference to the Pepe meme coin

5 US States Keep Attacking Coinbase Despite SEC Shift

Five US states refuse to budge as Coinbase escalates its defense, defying SEC guidance and a dropped federal lawsuit that challenged staking’s status, fueling national controversy 5 US States

Ethereum Joins Bitcoin In The Red – Volatility Looms Ahead

In a recent update shared on X, crypto analyst CRYPTOWZRD noted that Ethereum ended the day on a bearish note, mirroring Bitcoin’s decline He pointed out that this synchronized drop suggests a

XRP Multi-Timeframe Breakdown: Here’s What Comes Next

XRP is once again under the spotlight as its price action shows signs of weakening across multiple timeframes After a brief period of relative stability, recent breakdowns on the daily and intraday

Conor McGregor doubles down on an Irish strategic Bitcoin reserve, tags Nayib Bukele ‘let’s chat’

Former UFC champion and Irish presidential hopeful Conor McGregor is doubling down on his vision for an Irish strategic Bitcoin reserve On May 30, he took to X to pledge a “decentralised blueprint

Bitcoin’s Sentiment Meter Crashes From ‘Extreme Greed’ to ‘Neutral’

Over the past week, bitcoin slid from $109,000 to its present level of $104,500, and the Crypto Fear and Greed Index has shifted accordingly—easing from a “greed” rating to a more tempered
You have not selected any currencies to display