tl;dr
WazirX has introduced an amended Scheme of Arrangement for its recovery plan, now seeking creditor approval to transfer operational control to Zanmai, a Financial Intelligence Unit-India registered entity, replacing the previous facilitator Zettai. Creditors will continue receiving tokens recorded o...
WazirX has introduced an amended Scheme of Arrangement as part of its recovery plan, now seeking a fresh vote from its creditors. The key change involves handing operational control to Zanmai, a Financial Intelligence Unit (FIU)-India registered entity, which will manage token access and exchange operations post-approval. This amendment replaces the previously named facilitator, Zettai, with Zanmai.
Creditors will continue to receive tokens recorded on their Rebalanced Net Liquidation Portfolio Account (NLPA) pages. Zanmai is expected to enable token access within 10 business days of the scheme’s effective date. WazirX confirms that other essential components of the original plan, such as market appreciation exposure and future profit-sharing participation, remain unchanged.
On July 23, WazirX emailed updated documents to all scheme creditors, including the Notice of Re-Vote and the Amended Scheme of Arrangement, urging a careful review before the re-vote starting July 30. To clarify the amendments, WazirX will hold a third live webinar on YouTube at 5:30 PM IST on the same day, two hours before voting commences. The company stressed that even non-voting creditors could be bound by the scheme if it gains majority approval.
For legal validation, the amended scheme requires approval by a majority of creditors representing at least 75% of the total vote value. Upon meeting this threshold, WazirX is prepared to launch the token distribution within 10 business days from the scheme’s effective date. This revised plan continues WazirX’s efforts to address the fallout from its 2024 hack, with the vote outcome pivotal to advancing the updated token recovery and distribution strategy.