BREAKING: WazirX Revote Launches Payout Overhaul—Singapore Regulatory Shakeup Forces Hand

BTCC / BTCC Square / CryptotimesIO /

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2025-07-30 02:55:46

WazirX just ripped up its old playbook. The exchange’s revote feature is now live with a revamped payout structure—and insiders say Singapore’s new crypto rules left them no choice.

Here’s what changed:

• Payout timelines slashed from days to hours
• Token distribution now bypasses legacy banking rails
• Compliance protocols mirror Singapore’s controversial ‘travel rule’ framework

The move comes as Asian regulators play whack-a-mole with crypto firms. One exec muttered off-record: ‘We either adapt or become another cautionary CoinMarketCap footnote.’

Meanwhile, traders are already gaming the new system—because nothing sparks innovation like regulatory panic. (Except maybe FOMO.)

Background: 2024 Hack and Recovery

WazirX, once the biggest crypto exchange in India, was hacked on July 18, 2024. Around $230 million in user funds were stolen.

Withdrawals were paused, and the company sought to establish a formal recovery plan in the Singapore High Court.

In March 2025, Zettai Pte Ltd, the Singapore-based owner of WazirX, filed a Scheme of Arrangement outlining how it WOULD return recovered assets to users through rebalanced tokens. The plan received approval from affected users in May.

However, since the company has now proposed handing over implementation to another entity, the court has ordered a new vote on the plan.

What’s Changing, What’s Not?

The timeline, token ratios, and how the recovery works all stay the same. Only the implementing party has changed, from Zettai to Zanmai Labs. Users who vote “yes” in the revote will retain eligibility to receive their share once the court reapproves the scheme.

If passed again, the scheme will be submitted to the Singapore High Court for fresh sanction. Asset distribution is expected to begin within 10 business days of court approval.

Information for Users

A live user webinar is being held today from 5:30 PM to 7:30 PM IST via YouTube and Zoom. Breakout rooms and short speaking slots are being offered for participants.

Four official documents have been shared: