WazirX Updates Scheme With Zanmai Replacing Zettai as Operator Only

• WazirX creditors to vote on amended plan from July 30 to August 6, 2025.
• Zanmai replaces Zettai to manage token distribution within 10 business days.
• Singapore court approved revote, extending moratorium until September 16, 2025.

WazirX, a prominent cryptocurrency exchange in India, is advancing toward resolving the aftermath of its July 2024 hack that resulted in large losses of user funds. Creditors will begin voting on an amended Scheme of Arrangement on July 30, a decisive step toward the distribution of tokens and the platform’s relaunch.

This vote follows a recent ruling by the Singapore High Court, as reported in our previous report , which authorized a revote after invalidating the earlier June vote. The results will determine whether WazirX can proceed with the revised recovery plan and initiate repayments to affected users.

The central amendment in the revised Scheme of Arrangement is the replacement of Zettai Pte Ltd. with Zanmai, a Financial Intelligence Unit (FIU)-India registered entity—as the operator responsible for facilitating token access and managing WazirX’s operations once the scheme is effective.

Zanmai will distribute tokens to creditors within 10 business days of the scheme’s effective date. All other aspects of the scheme remain unchanged, including creditor entitlements reflected on their Rebalanced Net Liquidation Portfolio Account (NLPA) pages.

Creditors retain all benefits under the scheme, including exposure to market appreciation, participation in future profit sharing, and entitlement to additional recoveries. The operational transition to Zanmai marks a significant procedural update but does not alter the core terms of creditor repayments.

The voting window will open on July 30 at 7:30 PM IST and close on August 6 at 7:30 PM IST. On July 23, WazirX emailed updated materials to creditors. These include the Notice of Re-Vote, the Amended Scheme of Arrangement, an Addendum to the Explanatory Statement, and the original Explanatory Statement dated March 12.

Creditors are urged to review these documents carefully before casting their votes. To assist creditors in understanding the revised plan and address any queries, WazirX has scheduled a third live webinar on YouTube at 5:30 PM IST on July 30, just hours before voting begins.

Court Ruling and Legal Context

The revote follows a Singapore High Court ruling that recalled a prior ruling dated June 4, 2025, which had authorized the vote. The court accepted fresh legal grounds propounded by Zettai and allowed a second vote to be held on the altered scheme. In addition, the court ruled that Zettai should have a moratorium up to September 16, 2025, to provide the company with more time to execute the refined proposal without legal hurdles.

To make the amended scheme operational, a majority of creditors representing at least 75% of the value of the voting creditors is necessary. After achieving this threshold and court verification, WazirX shall resume token distributions and operations in 10 business days.