Revote Goes Live on WazirX Payout Plan: Singapore Ruling Triggers Shift

TheCryptoTimesPublished on 2025-07-04Last updated on 2025-07-30

A year after being hacked, Indian crypto exchange WazirX has reopened a vote on its recovery plan. This comes after the Singapore High Court scrapped the earlier court-approved plan on July 23 because the company changed who would handle the asset distribution.

The earlier plan, approved by users in May and sanctioned by the court on June 4, was to be implemented by Zettai Pte Ltd, a Singapore-based company that owns WazirX. However, in June, Zettai proposed shifting implementation responsibilities to Zanmai Labs Pvt Ltd, an India-registered entity and former operator of the exchange.

The change was prompted by a revised compliance framework under Singapore’s Financial Services and Markets Act, which came into effect for overseas-facing crypto businesses on May 30. Zettai can no longer handle user fund distribution from Singapore due to the new rules.

While the financial structure of the scheme remains unchanged, the court considered the switch in implementation party to be a material change. As a result, a new vote is required.

The revote window opened today (July 30) at 7:30 PM IST and will close on August 6. For the new plan to go through, it needs a majority of creditors by headcount and at least 75% of the total claim value.

Background: 2024 Hack and Recovery

WazirX, once the biggest crypto exchange in India, was hacked on July 18, 2024. Around $230 million in user funds were stolen.

Withdrawals were paused, and the company sought to establish a formal recovery plan in the Singapore High Court.

In March 2025, Zettai Pte Ltd, the Singapore-based owner of WazirX, filed a Scheme of Arrangement outlining how it would return recovered assets to users through rebalanced tokens. The plan received approval from affected users in May. 

However, since the company has now proposed handing over implementation to another entity, the court has ordered a new vote on the plan.

What’s Changing, What’s Not?

The timeline, token ratios, and how the recovery works all stay the same. Only the implementing party has changed, from Zettai to Zanmai Labs. Users who vote “yes” in the revote will retain eligibility to receive their share once the court reapproves the scheme.

If passed again, the scheme will be submitted to the Singapore High Court for fresh sanction. Asset distribution is expected to begin within 10 business days of court approval.

Information for Users

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.

Four official documents have been shared:

  • Notice of Revote
  • Revised Scheme of Arrangement
  • Addendum to Explanatory Statement
  • Original Explanatory Statement dated March 12, 2025

Also Read: One Year Since WazirX’s ₹2,000 Crore Hack: The Wait, The Questions, & the Uneasy Silence

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