Crypto Users of WazirX Edge Nearer to Accessing Funds: Voting Process Commences on July 30
In a significant development, WazirX, the Indian cryptocurrency exchange, has initiated a creditor revote from July 30 to August 6, 2025. This revote comes after the Singapore High Court voided the previous payout plan approved in June 2025.
The revote is necessary due to a change in the asset distribution handler, shifting the responsibility from Zettai Pte Ltd (Singapore-based) to Zanmai Labs Pvt Ltd (India-registered), in compliance with new Singapore crypto regulations. The voting requires a majority of creditors by headcount and at least 75% of total claim value to pass.
This revote marks a significant step in WazirX’s recovery from the $230+ million breach that occurred in July 2024, attributed to the Lazarus hacking group. The amended restructuring plan includes distributing recovered crypto assets via Zanmai India, ensuring regulatory compliance under Singapore’s Financial Services and Markets Act and Indian Financial Intelligence Unit registration.
The outcome of this revote will shape the timeline for the first distribution of recovered funds back to affected users. If approved, users can expect a phased distribution of their cryptocurrency claims as per the amended scheme. The payout, however, depends on successful creditor approval in this revote.
The moratorium on Zettai’s restructuring has been extended until at least September 16, 2025, to facilitate this process. It is important to note that the rest of the original $500 million in user funds, around $265 million, are still stuck in limbo.
This revote is a critical milestone for WazirX users, offering a potential opportunity to regain their crypto assets securely. The process aims to navigate evolving regulatory frameworks while enabling WazirX creditors to vote via a platform integrated with WazirX.
In summary, the creditor revote is underway, held under updated regulatory and structural terms, and is crucial for enabling WazirX users to potentially recover and receive their crypto assets.
[1] WazirX Announces Creditor Revote: https://www.wazirx.com/blog/wazirx-announces-creditor-revote [2] Singapore High Court Voids WazirX Payout Plan: https://www.bloomberg.com/news/articles/2025-07-01/singapore-high-court-voids-wazirx-payout-plan-in-crypto-hack-case [3] WazirX Extends Moratorium: https://www.reuters.com/business/finance/wazirx-extends-moratorium-after-singapore-court-voids-payout-plan-2025-07-01/ [4] WazirX's Amended Restructuring Plan: https://www.wazirx.com/blog/wazirx-announces-amended-restructuring-plan
- The revote, initiated by WazirX, is a significant move in leveraging technology to comply with the new Singapore crypto regulations.
- The revote, conducted via a platform integrated with WazirX, is a crucial step to navigate the evolving regulatory frameworks and enable users to potentially recover their crypto assets.
