In the middle of a crucial voting process that will decide the fate of millions of WazirX users’ funds, the exchange founder Nischal Shetty made a big announcement on Thursday, claiming $478.5 million in “liquid assets,” perhaps as an attempt to woo voters.
WazirX cryptocurrency exchange is currently conducting a voting from March 19-28 for its 4.4 million users in India, and it requires at least a 75% majority (of those voted) in favor of their restructuring scheme that promises to restore 85% of portfolio funds to each user in the next 1-2 months.
While the exchange is still conducting the voting, its founder, Nischal Shetty, took to X to announce that the management has conducted a third-party audit and revealed that they have $478.5 million in net liquid assets. The tweet seems to be an attempt to lure voters by showing them the funds by Shetty. While the voting is being held under the purview of the Singapore High Court, the court has not given any specific guidelines to WazirX for voting.
Currently, WazirX cryptocurrency exchange, vis-à-vis Kroll Information Services, their legal partner, is conducting a voting process for its 4.4 million users to approve their restructuring scheme proposal, after a Rs 2000 crore ($234.9 million) hack in 2024 that resulted in the suspension of trading and users’ funds. For the past 10 months, users have been awaiting their funds, amounting in total to above $500 million.
The crypto exchange, owned by Zettai Pte. Ltd., has completed an independent verification of its assets and liabilities, a step aimed at proving its financial stability and commitment to transparency.
The verification came from Joshua Taylor and Henry Anthony Chambers, two independent pros from Alvarez & Marsal, stepping in after a court order back in January 2025 during the HC/OA 1284/2024 hearing. They were tasked with digging deep into WazirX’s platform assets—everything from liquid funds held with BitGo to what’s spread across four big crypto exchanges and even the contents of nine cold wallet addresses. By January 17, 2025, they had pinned down the total value of it all at $478.5 million.
While it is completely WazirX’s prerogative to make claims regarding their liquid and illiquid assets, the timing of this announcement is crucial as voting is still going on.
Also Read: “What Independent Voting?” WazirX Users on Kroll’s Conflict of Interest
