In a strong display of confidence, over 95% of WazirX users have once again voted in favor of the WazirX’s Amended Scheme of Arrangement, marking another significant milestone in its journey toward recovery after the July 2024 cyberattack.
Zettai Pte Ltd., the entity overseeing the restructuring process for WazirX Users, announced that the revote for its Amended Scheme of Arrangement (“Amended Scheme”) has concluded with overwhelming support. Of the 149,559 Scheme Creditors, including WazirX Users, who participated, 95.7% by count and 94.6% by value of Approved Claims voted ‘FOR’ the Amended Scheme. This surpasses the already strong approval in the previous round of voting.
Under the Amended Scheme, recoveries for WazirX Users will be distributed through Zanmai India, a registered reporting entity with the Financial Intelligence Unit of India. The distribution framework emphasizes transparency, compliance, and speed—factors seen as critical in restoring WazirX Users’ access to their locked crypto balances.
High Participation, Stronger Support for WazirX Users
The voting process, conducted on the Kroll Issuer Services (KIS) platform between 30 July and 6 August 2025, saw active participation from users with positive crypto balances as of the Ascertainment Date on 18 July 2024. Collectively, the voting creditors represented claims worth USD 206.8 million.
Out of this, USD 195.7 million in Approved Claims supported the restructuring. Compared to the last round, this reflected a ~2.7% increase in supporting creditor count, alongside a marginal increase in the value of claims voting in favor.
The results comfortably exceeded the statutory requirement under Section 210(3AB) of the Singapore Companies Act 1967, which mandates support from a majority of creditors by count and at least 75% by value of claims.
Commitment to Users
“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,” said Nischal Shetty, Founder of WazirX.
Independent Verification Ensures Transparency
In keeping with global best practices, Zettai submitted the voting results for independent verification. The assessment was carried out by Joshua Taylor and Henry Anthony Chambers of Alvarez & Marsal, who reviewed the process and confirmed the outcome in an official Vote Report. This additional step was undertaken to ensure that every creditor’s vote was accurately counted, reinforcing confidence in the fairness of the process.
What’s Next?
With the revote concluded and verified, Zettai will now file the results with the Singapore Court to seek formal sanction of the Amended Scheme. Once sanctioned, the plan will come into effect, and the first distribution to creditors is expected to begin within 10 business days.
For WazirX users, the overwhelming approval of the Amended Scheme signals that long-awaited access to their crypto balances is finally within reach, bringing an end to months of uncertainty and paving the way for a fresh chapter in the exchange’s journey.
Read this post also: Affordable Digitizing Services with Fast Turnaround and Precision Results
Discover more from HyperDAF
Subscribe to get the latest posts sent to your email.
