In the ever-evolving world of crypto, few events offer a genuine opportunity to reset the rules. The ongoing WazirX revote process, sparked by a key regulatory shift, could become a defining moment in creditor-led crypto restructurings. With a transparent, court-supervised structure and the potential to distribute 85% of tokens back to affected users, the WazirX case demonstrates that recovery in crypto doesn’t have to be murky or slow.
This blog breaks down what the WazirX revote entails, why it matters beyond this single case, and how it could reshape expectations for creditor rights and regulatory oversight in future crypto collapses.
The Context: What Led to the Revote?
WazirX, once one of India’s most widely used crypto exchanges, was attacked in July 2024. In the aftermath, its operations came under the management of Zettai, a Singapore-incorporated company, which proposed a Scheme of Arrangement to help creditors to get access to their funds.
In April 2025, creditors overwhelmingly approved that original Scheme. However, in June 2025, Singapore’s Financial Services and Markets Act (FSMA) introduced a new licensing regime for digital token services, including those provided outside Singapore.
To avoid potential regulatory conflicts, the Scheme was amended. Now, Zanmai India, a local subsidiary of Zettai, will handle token access and operations.
This change required a new vote. On July 16, 2025, the Singapore High Court accepted the amendments WazirX presented and asked for a revote, setting the stage for what may become a precedent in cross-border crypto recoveries.
Key Features of the WazirX Revote
1. Court Supervision and Independent Verification
This revote isn’t happening in isolation. Every step is monitored by the Singapore High Court. An Independent Assessor will verify the votes, and the results will be submitted to the Scheme Manager who will then submit the result to the Court for final sanctioning. This level of transparency is rare in crypto.
2. Rebalanced Token Distribution
If approved, creditors will receive 85% of their holdings in tokens, within 10 business days of the Court’s final sanction. Token-based restitution, rather than fiat payouts, offers a path to benefit from any future market upside.
3. Jurisdictional Agility
By shifting operational control from Zettai to Zanmai India, the restructuring adapts to local compliance frameworks—something crypto firms have often failed to do in global recoveries.
WazirX Restructuring Milestones
Key Dates:
July 2024: Cyberattack occurs
April 2025: Original Scheme approved
June 2025: FSMA 2022 effective
July 16, 2025: Court allows revote
July 30–August 6, 2025: Revote period
Post-approval: Token distribution in 10 business days
Old Scheme vs Amended Scheme
How the Revote Works
Flow Overview:
Creditors vote (July 30 – Aug 6)
Independent Assessor verifies votes
Results shared with Scheme Manager
Zettai applies for Court sanction
Upon approval, Zanmai India distributes tokens
Why This Matters for the Broader Industry
Creditor Rights in Focus
Historically, creditors have had minimal say when a crypto exchange had to go through liquidation or declare bankruptcy. With WazirX, the revote re-centers power in the hands of affected users, showing that transparent consultation isn’t just ethical—it’s effective.
A Template for Regulatory Alignment
WazirX’s pivot shows that companies can restructure in a way that meets both user and regulator needs. The Singapore High Court’s involvement validates this model, potentially influencing how courts in other jurisdictions approach crypto failures.
Speed and Clarity
While Mt. Gox has kept users waiting over a decade and FTX’s legal battles remain tangled, WazirX is on track to complete its restructuring in just 12 months. That’s a powerful message: crypto recovery doesn’t have to be slow.
Real-World Parallel: Learning from FTX and Mt. Gox
Both Mt. Gox and FTX highlight how long and painful recoveries can be without proper court processes or jurisdictional clarity. In contrast, WazirX’s revote structure shows:
Faster timelines with clear dates and deliverables
**Structured documentation **including an Explanatory Addendum, updated Scheme, and public webinars
Adaptability to regulation, rather than denial or delay
Frequently Asked Questions (FAQs)
What is the voting window?
The revote takes place between 30 July and 6 August 2025.Who can vote?
Any user listed as a creditor with a rebalanced Net Liquid Platform Assets (NLPA) is eligible.What happens after the vote?
Votes will be independently verified, and Zettai will submit the results to the Singapore High Court. If approved, token distribution begins within 10 business days of the Court’s sanction.Why is Zanmai India taking over?
Due to Singapore’s updated regulatory regime (FSMA), Zettai proposed that Zanmai India—a locally incorporated entity—manage operations to minimize legal risk and ensure long-term platform stability.
Pros & Cons of the Revote Process
Pros:
Transparent, court-supervised process
Faster recovery timeline (12 months post-cyberattack)
Creditor rights are respected
Adaptive to new regulation
Cons:
Requires another round of voting
Some creditors may still be cautious about long-term trust
Why the WazirX Revote May Set a New Standard
This isn’t just another procedural step—it’s a potential blueprint. The WazirX revote combines speed, legal oversight, regulatory agility, and creditor empowerment in a way that crypto recoveries have rarely achieved.
As other platforms struggle with regulatory headwinds and user mistrust, WazirX is showing what recovery can look like when done right.
If successful, this could become the playbook for how digital asset restructurings are approached worldwide.
Let’s see if the industry takes note.
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