- Zanmai replaces Zettai as WazirX’s new operational control entity.
- Token access to resume within 10 days after plan approval.
- Creditors urged to vote on amended recovery plan by July 30.
WazirX has made a significant shift in its recovery efforts by replacing Zettai with Zanmai, a Financial Intelligence Unit (FIU)-India registered entity, as the new operator overseeing token access and exchange control. This change is central to an amended Scheme of Arrangement shared with creditors following the platform’s 2024 security breach.
The exchange confirmed that Zanmai will now facilitate user token access once the plan receives creditor approval. The exchange stated that Zanmai will now operate user token accessibility after the creditor’s choice of commendation to the plan. It is anticipated that the token distribution shall commence less than 10 business days after the effective date of the amended scheme.
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In this U-turn, all the roles carried out by Zettai will henceforth be executed by Zanmai. WazirX claimed that under the original recovery plan, all current features, such as shares of increases to market value and the eventual profit distribution, would be left untouched.
On July 23, WazirX issued a formal email to scheme creditors stating that the documentation was updated and could be reviewed. These documents constituted the Notice of Re-Vote and the altered Scheme of Arrangement that incorporated the appointment of Zanmai.
Ahead of the re-vote set for July 30, WazirX will organise its third live webinar on YouTube at 5:30 PM IST that same day. The purpose of this session is to walk creditors through the changes and address any questions associated with them.
Zanmai’s Entry Signals Major Operational Shift for WazirX
With this revised arrangement, Zanmai will take full charge of exchange operations and token handling going forward. This change would ensure that WazirX practices are in line with the expectations of regulators in India and the reversal of loss of faith among its users.
Approval of the amended plan requires a majority of creditors representing at least 75 percent of its value. If it is approved, token distributions will be initiated immediately after the plan comes into effect, and WazirX has confirmed that this will occur.
Creditors will always view their token allocation through their Rebalanced Net Liquidation Portfolio Account (NLPA) pages. WazirX has proposed the documents to all creditors, who are advised to carefully read them before voting, since the non-voting creditors may remain liable for the scheme’s outcome.
This is a surprising overhaul of Zettai in favor of a regulated Indian entity and the critical milestone in the WazirX recovery process.
The upcoming re-vote will determine if the company can proceed with its renewed token distribution strategy.
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