Why This Revote Mattered More Than Ever?
In crypto, recoveries after an exchange collapse or face cyberattack are usually long, uncertain, and painful. Just ask creditors of Mt. Gox, who are still waiting more than a decade later. Or FTX customers, who face years of complex legal wrangling before seeing meaningful restitution.
That’s why the recent WazirX revote has generated buzz across the industry. Not only did over 95% of creditors approve the Amended Scheme of Arrangement, but the second vote actually received stronger support than the first. This rare outcome demonstrates that with transparency, speed, and community involvement, a crypto exchange under duress can regain trust rather than lose it.
According to TheStreet, the latest approval represents one of the strongest endorsements for a restructuring in crypto history.
This article explores:
How WazirX’s second vote exceeded expectations.
Why independent verification and creditor-first design mattered.
What the revote means for the future of crypto restructurings.
Lessons other exchanges can take from WazirX’s model.
The WazirX Revote: A Quick Recap
After the July 2024 cyberattack that froze user balances, WazirX (via Zettai Pte Ltd, the Singapore entity) proposed a court-supervised Scheme of Arrangement under Singapore law to allow creditors to recover most of their holdings.
The first vote in early 2025 cleared statutory thresholds, showing strong support. But after refining the plan to improve clarity and user’s fund distribution, the company submitted an Amended Scheme and the Singapore Court called for a revote in July 2025.
The results were overwhelming:
95.7% by number of creditors supported the plan.
94.6% by value of claims backed it.
Approval rates were even higher than the already-successful first vote.
As Moneycontrol reported, this level of support demonstrates how transparent communication.
Why Stronger Support the Second Time Around?
Most revotes in restructuring scenarios see dwindling participation or rising opposition. WazirX defied that trend for four reasons:
1. Transparency Built Trust
The company went beyond minimum disclosure by publishing results openly and relying on independent verification. This ensured that creditors didn’t just have to “take their word for it.”
2. Creditor-First Approach
The Amended Scheme prioritized creditors above all else. Distributions were tied directly to verified balances, with legal protections to ensure fairness. Unlike cases where management or litigation costs eroded recoveries, the focus remained squarely on users.
3. Clear Timelines
The scheme promises initial distributions within 10 business days of court sanction. For creditors used to multi-year delays, this was a refreshing change that increased support.
4. Confidence Gained Over Time
The first vote proved feasibility; the second proved sustainability. Seeing WazirX stick to deadlines, publish detailed updates, and invite oversight gave hesitant users the reassurance they needed.
The Legal Backbone: Why Singapore’s Court Sanction Matters
The next step is approval from the Singapore High Court, a jurisdiction that has become a preferred venue for crypto restructurings thanks to its Companies Act 1967.
Why this matters:
Once sanctioned, the plan is legally binding on all creditors, even dissenters.
It provides global recognition, crucial for cross-border claims in crypto.
It strengthens user trust, since payouts are enforceable commitments, not just promises.
Observers note that if sanctioned, WazirX’s case could serve as a blueprint for creditor-led restructurings in crypto, balancing compliance with user recovery.
Expert Voices and Industry Reaction
WazirX’s leadership framed the outcome as proof of transparency.
_“A second round of voting having such strong numbers is a testament to our approach towards the restructuring which has been fair, transparent, and the quickest option for users to recover funds. This has been an incredibly challenging year for all of us, and we are deeply grateful for the unwavering trust and support we’ve received throughout this journey. Should the Singapore Court sanction the Scheme, we are committed to restarting operations within 10 business days of the scheme taking effect.”
- Founder, Nischal Shetty
Restructuring specialists argue that the case shows how Schemes of Arrangement—a common tool in corporate finance—can be adapted for the digital asset sector.
As TheStreet observed, WazirX’s success contrasts sharply with industry norms and may set expectations for other struggling exchanges.
Pros of the WazirX Restructuring
Over 95% approval, rare in restructurings.
Independent vote verification adds credibility.
Fast payout timeline (10 business days post-court approval).
Legal enforceability under Singapore law.
Second vote stronger than the first, proving trust grew.
A Blueprint for Future Recoveries
The WazirX revote is more than a procedural step—it’s a milestone. By securing even stronger approval the second time around, WazirX has proven that trust can grow during a crisis if users are treated fairly, results are verified independently, and timelines are clear.
If the Singapore Court sanctions the scheme, WazirX will not only return funds to its users faster than almost any other major exchange collapse but also set a new benchmark for creditor-led crypto restructurings.
For the industry, the message is clear: recovery doesn’t have to mean waiting years in the dark. With legal structure, transparency, and user-first execution, it can mean rebuilding trust in record time.
Do you think WazirX’s approach could become the gold standard for crypto recoveries—or is it a one-off case?
👉 Share your thoughts in the comments, spread the word, and let’s shape the future of responsible crypto recovery together.
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