Thousands of WazirX users, who were impacted by the July 2024 cyberattack, are ready to vote YES in the court-administered revote on the amended Scheme of Arrangement. Their reason? This is the first time in Indian crypto history that users have a legally structured and enforceable recovery pathway.
Here’s a breakdown of why affected users are collectively leaning towards a YES vote — and why it matters more than ever.
1. The Only Court-Supervised Recovery Plan in Indian Crypto
The WazirX Restructuring Scheme is overseen by the Singapore High Court, adding a serious layer of legitimacy and enforcement. Unlike vague promises or social media updates, this process is rooted in legal structure. The court has allowed this amended scheme to move forward to a user vote — meaning it passed legal scrutiny.
If approved by a majority and gets sanctioned by the Singapore High Court, it becomes a binding legal framework for repayment. That level of protection and structure is unprecedented in the Indian crypto space.
2. Users — Not the Stakeholders — Are the Priority
The scheme has one goal: return as much value as possible to affected users. Unlike other recovery processes that prioritize investors, legal fees, or operations, WazirX’s restructuring scheme directs recovery funds to users first. That’s a big deal.
The original plan was structured so that those who lost assets in the cyberattack are at the front of the line — not venture capitalists, executives, or unrelated parties. With the amended Scheme, token distribution will now be facilitated by Zanmai—the Indian entity behind WazirX—marking a historic first for India’s crypto community. No other exchange has ever taken such a step for its users.
3. A Transparent and Realistic Process
Many ask why the platform isn’t just liquidating and returning fiat. But liquidation is messy, slow, and often delivers much less. The scheme offers a hybrid recovery model that could include crypto or crypto-equivalent value, depending on the final pool.
Most importantly, it comes with regular updates, court-supervised reporting, and a structured timeline. Compare that to FTX or other failed platforms — where users were kept in the dark.
4. Calling Out Distracting Influencers
Influencers like CA Sonu Jain and Romy Johnson (Toofan) have urged users to vote NO, citing fears of poor recovery or lack of clarity. But many in the community believe their objections are not about helping users — but about maintaining relevance.
Let’s be honest: their public behavior suggests that their true interest isn’t user recovery — it’s attention.
They’ve positioned themselves as crusaders against WazirX, but without any disclosed stake in the outcome or accountability. Users suspect they:
- Want to control the narrative and grow their own platforms
- Stoke fear to keep followers dependent on their opinions
- Avoid accountability if the scheme succeeds without them
- May not even be directly impacted by the cyberattack
Their loudest critics are not necessarily those who lost anything — and certainly not those responsible for any recovery.
5. Saying NO Won’t Bring a Better Plan
Some believe that rejecting this scheme will force WazirX to create a better one. But that’s a gamble — and it’s not how courts work.
Voting NO could result in:
- Long delays in the legal process
- Eventual liquidation of assets, possibly at a heavy discount
- Dismissal of the current plan entirely
- Users receiving less — or nothing — after prolonged uncertainty
After over a year of waiting, many users aren’t willing to take that risk. They see this vote as a now-or-never opportunity to move on.
6. This Is a Rare Moment of User Empowerment
Most crypto platforms that go bust never offer users a say. WazirX is doing something rare — putting the power directly in the hands of its users.
They didn’t just create a plan behind closed doors. They went to court, restructured it, and now they’re inviting users to vote. That kind of inclusion is rare — and appreciated.
7. Users Want Closure, Not Chaos
After months of silence, slow legal updates, and daily speculation, users are ready to move forward. A YES vote won’t instantly restore everything, but it opens the door to meaningful recovery.
They’re choosing structure over speculation. Facts over fear. Resolution over rhetoric.
Final Thoughts
The amended Scheme of Arrangement is the result of months of court hearings, creditor feedback, and legal restructuring. It’s not perfect, but it’s real. And for many users who’ve suffered in silence for over a year, it’s the best shot at recovery they’ve seen.
This isn’t about defending WazirX. It’s about recovering what was lost — through a process that puts users at the center.
That’s why most of the users are voting YES.
Because YES means progress.
YES means closure.
YES means crypto recovery — finally.
Ready to Vote?
If you've made up your mind — or just want to understand the process better — we've made it simple for you.
Here’s how to cast your vote for the amended Scheme of Arrangement: How to Vote — Official Guide by WazirX
This is your chance to take control of your funds and your future.
Don’t miss it.
Don’t sit it out.
Vote with clarity.
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