Wazirx CEO Nischal Shetty reveals new recovery plans after a $230 million hack

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Wazirx CEO Nischal Shetty will return with a recovery plan that was revised after the court’s denial.

The Singapore Court agrees to consider the proposal if the creditor is repeated.

If the new plan is approved, the fund’s distribution could resume within a few weeks.

Wazirx CEO Nischal Shetty finally broke the silence with a clear plan at the table. In a new post from X, Shetty confirmed that a recovery proposal, revised by the Singapore High Court, is currently under consideration after the original plan was rejected.

If approved, this new approach will allow fund distributions to resume within weeks. It offers a possible breakthrough for users who have been waiting almost a year after the $230 million hack.

The court resumes the case, but there is a catch

The original restructuring plan was rejected by the Singapore Court, primarily due to regulatory concerns. But Shetty now says the court is willing to revisit the case on one condition. Creditors must vote again.

What’s changed? According to Shetty, key updates are the shifts of people handling fund distributions.

“The broad amendment is that instead of Zettai, if the scheme is approved, it will become Zanmai, who will support the fund’s distribution.” He posted.

Zanmai is an Indian company that already operates INR-Crypto trading pairs on Wazirx. Unlike Singapore-based Zettai, Zanmai is registered with Indian regulators, which helps ease compliance issues and track processes quickly.

If a vote is made, funds may start moving

Shetty says the team is ready to act quickly once a new vote is made. “We’ll announce our election day soon.” He wrote. If everything goes well, fund distributions could begin in a few weeks.

However, for many users, this is not the first time they have heard a similar promise.

Trust remains a major hurdle

The $230 million hack in July 2024 caused significant damage to Wazirux’s reliability. But it wasn’t just the hack itself. Users were also frustrated how the exchange handled it.

There was criticism for poor communication, delays, and even pressure tactics. Some users have allegedly been pushed to choose whether to wait for the court process or help fund the reopening of the platform.

Shetty’s new post takes a step forward, but many are still skeptical, especially after months of silence and missed timeline.

Is it a second chance for Wajirux?

This revised plan could ultimately give Wazirx the necessary reset if the creditor gives the green light. The involvement of regulated Indian organisations like Zanmai may help rebuild confidence.

For now, it all depends on future votes. If it passes, it could mark a major turning point in one of India’s biggest crypto recovery cases. But if not, Wazirx could be reverting to a square.