WaxirX reports $478.5 million worth of token assets ahead of investor vote on restructure plan

A fintech case of this kind is unprecedented for many Indian crypto investors [File]
| Photo Credit: REUTERS

As WazirX investors gear up to vote on the crypto exchange’s restructuring plan, the company announced that it had completed independent verification of its assets and liabilities.

WazirX parent Zettai reported token assets worth around $478.5 million, as of mid-January.

“The IA verified the existence, control, and quantity of token assets custodied with BitGo and assets held in four major cryptocurrency exchanges, totaling USD equivalent (USDe) 478.5 million as of January 17, 2025,” noted WazirX in the press release.

USDe is not to be confused with the Ethena USDe cryptocurrency.

After the hack of a multi-signature wallet last year that led to the loss of more than $230 million held by WazirX, the exchange moved to restructure through the Singapore legal system. WazirX has highlighted that voting in support of the restructuring scheme will allow recoveries to reach customers sooner and that operations will restart within a few days after confirming the result.

This is a powerful influencing factor for many distressed investors whose crypto funds have been locked up since the hack last summer. At the same time, many other investors believe that voting against the restructuring scheme will help them recover more through a potential liquidation of WazirX, similar to the collapsed crypto exchange FTX. However, WazirX has claimed that the timeline for recoveries is unclear in case the restructuring vote does not go through.

A fintech case of this kind is unprecedented for many Indian crypto investors, and it is not possible to confirm which outcome benefits more investors, due to their drastically different circumstances and priorities.

The voting period for the restructuring scheme will start on March 19 at 2:30 PM IST and go on until 2:30 PM IST on March 28.

The independent assessors for the platform’s assets verification were Joshua Taylor and Henry Anthony Chambers. The two assessors are affiliated with the problem-resolution, advisory, and restructuring company Alvarez & Marsal Asia, per the press release.