WazirX revote approved. The Singapore High Court has cleared the stalled debt-resolution plan, giving the crypto exchange another shot at recovery. A new vote is coming. If creditors back the revised proposal, users may finally regain access to their funds. Operations could resume within weeks, led by India-based Zanmai Labs, now tasked with managing payouts.

Key Takeaways

• Court allows a second vote on WazirX’s restructuring plan 
• Fund distribution to be handled by Indian entity Zanmai Labs 
• Platform may restart if the revised plan is approved 

What Changed in the WazirX Court Ruling?

The High Court overturned its June 4 decision, allowing WazirX’s parent company Zettai to revise and resubmit its debt-resolution proposal. This gives the exchange a legal window to restart the process after earlier plans failed.

Creditors can no longer pursue legal action during this period. The court extended the moratorium to shield WazirX while the new vote is prepared. This follows months of legal struggle. More details here:
👉 WazirX Debt Resolution: 2025 Creditor Approval and Cyberattack Plan

Why Is Zanmai Labs Taking Over User Fund Distribution?

The new plan replaces offshore entities like Zensui (Panama) and Zettai (Singapore) with India-based Zanmai Labs, which already manages INR-crypto operations for WazirX. This shift solves earlier compliance issues flagged by Singapore regulators.

Zanmai recently cleared compliance checks with the Monetary Authority of Singapore. Read more about this shift:
👉 Zanmai Labs Takes Over WazirX After Clearing MAS Compliance Hurdle

When Will WazirX Resume Operations?

A new creditor vote is expected within weeks. If approved, WazirX could start releasing frozen user funds and reopen trading shortly after.

If the revised plan passes, WazirX could resume trading and release frozen funds within weeks. Zanmai Labs will oversee the fund distribution process.

What Happened in the July 2024 Hack?

WazirX has been frozen since a July 2024 cyberattack drained over $230 million. In its aftermath, the platform proposed a controversial “socialized loss” model that faced backlash from users and regulators.

Critics, including the CoinDCX CEO, raised questions about how the breach was handled:
 WazirX Cyberattack Response Criticized by CoinDCX CEO

What to Expect From the Upcoming Creditor Vote

If the new plan is approved, Zanmai Labs will oversee payouts. This will mark a shift toward localized fund management and may restore trust lost over the past year. Earlier restructuring efforts and legal hurdles are detailed here:

• WazirX Hack: Legal Battle Reaches Supreme Court
•  WazirX Recovery Plan: 2025 Timeline and Investor Pushback 

Frequently Asked Questions

Why did the Singapore High Court allow a revote for WazirX?
The court reversed its earlier decision to give WazirX a chance to revise its debt-resolution plan and address creditor concerns, especially around regulatory compliance.

What role does Zanmai Labs play in WazirX’s recovery?
Zanmai Labs, based in India, will now handle fund distribution for WazirX users. This shift replaces earlier offshore entities and aligns better with compliance standards.

When will WazirX resume operations?
If the updated restructuring plan is approved by creditors in the upcoming vote, WazirX may reopen and release user funds within a few weeks.

How much was lost in the WazirX hack?
In July 2024, WazirX suffered a cyberattack that led to losses of over $230 million, forcing the platform to freeze all withdrawals.

What changes have been made to regain user trust?
The platform abandoned its “socialized loss” model, shifted operations to Zanmai Labs, and is now taking steps to involve regulators more closely.