Live Vote Activated on WazirX Payout Strategy: Singapore Decision Initiates Change
In a significant development, WazirX, the Indian cryptocurrency exchange, has initiated a revote on its recovery plan following a change in the implementing party. This revote comes a year after a major cyberattack that froze the exchange's operations and resulted in a loss of around $230 million in user funds.
The revote, which opened on July 30, 2025, and closes on August 6, 2025, aims to confirm the shift in the legal and operational structure to meet new regulatory standards. The key change is the replacement of Zettai Pte Ltd, the original implementing party based in Singapore, with Zanmai Labs Pvt Ltd, an India-registered entity.
The revote primarily altered the party responsible for distributing user funds, while the financial structure and user compensation outcomes remained the same. This change was necessitated by Singapore’s revised Financial Services and Markets Act, which restricts overseas-facing crypto businesses like Zettai from handling fund distribution.
WazirX plans to restart operations with improved security measures and implement a Proof-of-Reserve system to build user trust. The exchange remains committed to rebuilding the platform legally and securely, with ongoing cooperation from cybersecurity and custodial partners.
The recovery plan, originally proposed by Zettai Pte Ltd, was approved by affected users in May 2025. The court-approved plan, however, has been scrapped due to the change in the implementation party. If passed again, the revised scheme will be submitted to the Singapore High Court for fresh sanction.
To facilitate better understanding, a live user webinar is being held today from 5:30 PM to 7:30 PM IST via YouTube and Zoom. Breakout rooms and short speaking slots are being offered for participants during the webinar.
The revote requires a majority creditor approval by headcount and 75% by claim value to proceed. If successful, users who vote "yes" in the revote will retain eligibility to receive their share once the court reapproves the scheme.
As the revote confirms a shift in legal and operational structure to meet new regulatory standards, the core recovery commitments and user outcomes have remained consistent throughout the process. Asset distribution is expected to begin within 10 business days of court approval.
[1] Notice of Revote [2] Revised Scheme of Arrangement [3] Addendum to Explanatory Statement [4] Original Explanatory Statement dated March 12, 2025 [5] WazirX was hacked on July 18, 2024, causing withdrawals to be paused.
[1] The revote, initiated by WazirX, is focused on confirming changes in the legal and operational structure to align with new regulatory standards within the industry, specifically regarding the distribution of user funds in the finance sector.
[2] To proceed with the revote, WazirX requires approval by a majority of creditors in terms of headcount and 75% in terms of claim value, following which the revised scheme will be submitted to the Singapore High Court for fresh sanction, with renewed financial commitments to users.
