Crypto Exchange Wazirx has bagged over 93% approval votes from creditors for its proposed scheme for the event, bringing victims of its $ 230 million July hack closer to a partial recovery of asset.

The voting process performed at Kroll -Issuer -Service Platform from March 19 to March 28 involved over 141,000 creditors representing $ 195.65 million in approved requirements.

Of those, 131,659 creditors who had $ 184.99 million voted and equated to 93.1% after counting and 94.6% by value. This exceeded the requirements of Singapore’s Companies Act, where overall Zettai is based on, which mandated a majority by count and 75% by value for approval.

If the scheme was not approved, the process would have changed against liquidation under Singapore’s Companies Act, which probably resulted in the recovery of lower asset to creditors with an estimated date in 2030, Wazirx said in February.

With the voting results now in hand, Zettai plans to seek a sanction from the Singapore Court. If approved, the scheme would trigger an initial payment within 10 working days, followed by the phase resumption of withdrawal and trade, with the reservation of regulatory compliance.

Part of the reimbursement plan is to launch a decentralized exchange (DEX), issue the recovery tokens that can be traded, and perform a periodic repurchase of recovery tookens using platform surplus and new revenue streams.

Wazirx users lost over $ 230 million in a Lazarus group-led security breach in July 2024 after a seemingly private key interception, which the exchange attributed to its custody, Liminal, a claim that the latter rejected, instead pointed to vulnerabilities at the end of Wazirx.

Hacker laundered all the stolen funds for different addresses using Tornado Cash to hide the transactions, which Coindesk reported in September, dampened hope for a full recovery. Wazirx has since worked to recover the funds with limited success.