📢 Update on Scheme Filing
We are set to file by the end of this week an application with the Singapore Court for permission to convene a meeting of creditors to present the Company’s proposed Scheme of Arrangement for voting. This marks a key step in helping Scheme Creditors regain access to funds and restart the platform, demonstrating our commitment to trust and transparency.
The Scheme is being designed to ensure a fair and equitable resolution for all Scheme Creditors, instilling confidence in the process.
In support of the Scheme, we are concurrently performing an on-chain movement of tokens to streamline custody and improve efficiency. This is a standard practice, and the assets of the platform and services provided by the platform remain secure.
Transparency is at the core of our approach, which is why we are keeping you informed.
Thank you for your continued patience and support 🙏
We are set to file by the end of this week an application with the Singapore Court for permission to convene a meeting of creditors to present the Company’s proposed Scheme of Arrangement for voting. This marks a key step in helping Scheme Creditors regain access to funds and restart the platform, demonstrating our commitment to trust and transparency.
The Scheme is being designed to ensure a fair and equitable resolution for all Scheme Creditors, instilling confidence in the process.
In support of the Scheme, we are concurrently performing an on-chain movement of tokens to streamline custody and improve efficiency. This is a standard practice, and the assets of the platform and services provided by the platform remain secure.
Transparency is at the core of our approach, which is why we are keeping you informed.
Thank you for your continued patience and support 🙏
📢 Update on Scheme Filing
Zettai Pte Ltd has filed an application with the Singapore High Court on 6th December 2024 for leave to convene a meeting of its Creditors for the purposes of presenting and voting on a Scheme of Arrangement.
Read more 👉 https://wazirx.com/blog/scheme-of-arrangement-filed-with-the-singapore-court/
Thank you for your continued patience and support 🙏
Zettai Pte Ltd has filed an application with the Singapore High Court on 6th December 2024 for leave to convene a meeting of its Creditors for the purposes of presenting and voting on a Scheme of Arrangement.
Read more 👉 https://wazirx.com/blog/scheme-of-arrangement-filed-with-the-singapore-court/
Thank you for your continued patience and support 🙏
FAQ: Is the USD30m Cost Reserves an expansion of the initial USD12m fund?
A: The USD30m cost fund (“Cost Reserves”) is an extension of the initial USD12m (“Restructuring Cost Fund”) set aside to fund the restructuring process until a Scheme is effective.
The Cost Reserves were not generated by taking an additional USD18m from the assets of the restructuring. Instead, through strategic treasury management, the team was able to realize an additional USD18m of value from the same set of tokens initially set aside to fund the Restructuring Cost Fund (which were worth USD12m in August / September 2024).
In this way, no further tokens have been reserved from the assets of the restructuring, and the Company has at the same time secured the Cost Reserves capable of funding a successful restructuring.
For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/sffaqs
A: The USD30m cost fund (“Cost Reserves”) is an extension of the initial USD12m (“Restructuring Cost Fund”) set aside to fund the restructuring process until a Scheme is effective.
The Cost Reserves were not generated by taking an additional USD18m from the assets of the restructuring. Instead, through strategic treasury management, the team was able to realize an additional USD18m of value from the same set of tokens initially set aside to fund the Restructuring Cost Fund (which were worth USD12m in August / September 2024).
In this way, no further tokens have been reserved from the assets of the restructuring, and the Company has at the same time secured the Cost Reserves capable of funding a successful restructuring.
For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/sffaqs
📢 Update on Asset Rebalancing
We are currently in the process of rebalancing tokens. As part of this, you may notice fund movements between various cold wallets. The temporary consolidation of assets is a necessary step before final allocations to secure cold wallets.
Once the rebalancing and wallet management efforts are complete, we will share a comprehensive list of all cold wallets and the respective tokens held.
Thank you for your patience and trust.
We are currently in the process of rebalancing tokens. As part of this, you may notice fund movements between various cold wallets. The temporary consolidation of assets is a necessary step before final allocations to secure cold wallets.
Once the rebalancing and wallet management efforts are complete, we will share a comprehensive list of all cold wallets and the respective tokens held.
Thank you for your patience and trust.
On Dec 6, Zettai Pte Ltd filed an application with the Singapore High Court to convene the Scheme Meeting— a critical step toward initiating distributions under the proposed Scheme expediently.
What makes the Scheme of Arrangement the best possible solution?
✅ Fastest recovery solution
✅ Fair and equitable for all Scheme Creditors
✅ Legally binding
Once the Scheme is approved by the requisite majority of Scheme Creditors and sanctioned by the Singapore Court, an initial distribution of net available liquid assets will commence within 10 Singapore business days of the Scheme becoming effective.
Read more 👉 https://wazirx.com/blog/scheme-of-arrangement-filed-with-the-singapore-court/
What makes the Scheme of Arrangement the best possible solution?
✅ Fastest recovery solution
✅ Fair and equitable for all Scheme Creditors
✅ Legally binding
Once the Scheme is approved by the requisite majority of Scheme Creditors and sanctioned by the Singapore Court, an initial distribution of net available liquid assets will commence within 10 Singapore business days of the Scheme becoming effective.
Read more 👉 https://wazirx.com/blog/scheme-of-arrangement-filed-with-the-singapore-court/
How will Recovery Tokens (RTs) be used?
As part of the Scheme, Scheme Creditors will receive RTs on a pro-rata basis based on their Approved Claims. RTs provide access to:
• Surplus sharing
• Recoveries from Illiquid and Stolen assets
• Potential market-driven upside
Determined amounts from the above will be used to purchase RTs in accordance with the Scheme, ensuring Scheme Creditors benefit from future recoveries and price appreciation.
This creditors-first approach is designed to maximize recoveries and align long-term value with market opportunities.
Further details are included in the draft Scheme document in the affidavit shared via email on 10th December 2024.
As part of the Scheme, Scheme Creditors will receive RTs on a pro-rata basis based on their Approved Claims. RTs provide access to:
• Surplus sharing
• Recoveries from Illiquid and Stolen assets
• Potential market-driven upside
Determined amounts from the above will be used to purchase RTs in accordance with the Scheme, ensuring Scheme Creditors benefit from future recoveries and price appreciation.
This creditors-first approach is designed to maximize recoveries and align long-term value with market opportunities.
Further details are included in the draft Scheme document in the affidavit shared via email on 10th December 2024.
We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors.
Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with innovative features to enhance user experience and provide a more robust platform.
The relaunch prioritizes fairness, efficiency, and enhanced services for all Scheme Creditors. Thank you for your patience and support 🙏
Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with innovative features to enhance user experience and provide a more robust platform.
The relaunch prioritizes fairness, efficiency, and enhanced services for all Scheme Creditors. Thank you for your patience and support 🙏
📢 Fifth Townhall Announcement
In this Townhall, we will explain the proposed Scheme Terms, outline the Scheme Process, and share the key timelines as part of the restructuring of Zettai Pte Ltd. This session is designed to ensure that all creditors have full visibility into the restructuring process and a clear understanding of the proposed Scheme.
🗓️: 19th December 2024 at 6 PM IST
🕕: Set a reminder 👉 https://www.youtube.com/live/njoGt0Qu058?si=IBhSrhzeDcELtiI6
In this Townhall, we will explain the proposed Scheme Terms, outline the Scheme Process, and share the key timelines as part of the restructuring of Zettai Pte Ltd. This session is designed to ensure that all creditors have full visibility into the restructuring process and a clear understanding of the proposed Scheme.
🗓️: 19th December 2024 at 6 PM IST
🕕: Set a reminder 👉 https://www.youtube.com/live/njoGt0Qu058?si=IBhSrhzeDcELtiI6
FAQ: What is the expected timeline for the creditors and the Court's approval of the restructuring scheme? When can creditors expect to receive their funds?
A: The Effective Scheme Date is subject to Court timelines and the Scheme process. First, the Court will need to hear Zettai's application for leave to convene a meeting of its creditors, and this hearing is fixed for 22 January 2025. Only if the Court grants this application can Zettai proceed with the rest of the Scheme process, including holding a meeting of creditors to propose the Scheme and let creditors vote on the Scheme.
While the exact timing depends on these factors, we are actively working to expedite the process and achieve the earliest possible resolution. Following the Effective Scheme Date, the First Distribution of Net Liquid Platform Assets will be made within 10 Business Days.
For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/faqsrs
A: The Effective Scheme Date is subject to Court timelines and the Scheme process. First, the Court will need to hear Zettai's application for leave to convene a meeting of its creditors, and this hearing is fixed for 22 January 2025. Only if the Court grants this application can Zettai proceed with the rest of the Scheme process, including holding a meeting of creditors to propose the Scheme and let creditors vote on the Scheme.
While the exact timing depends on these factors, we are actively working to expedite the process and achieve the earliest possible resolution. Following the Effective Scheme Date, the First Distribution of Net Liquid Platform Assets will be made within 10 Business Days.
For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/faqsrs
📢 FAQs around Restructuring Scheme
Q1: Why is WazirX planning new business initiatives alongside distributing funds to Creditors?
A: Zettai is committed to maximizing recoveries for Scheme Creditors. In addition to the First Distribution of rebalanced Net Liquid Platform Assets within 10 Business Days after the Scheme is effective, Zettai is focused on reactivating the Platform, recovering Illiquid Wallet Assets and Stolen Assets, and pursuing potential new business initiatives to enhance creditor recoveries further
Q2: What measures were taken to expedite rebalancing?
A: With over 4.4 million creditors, seeking individual approvals would have been a highly complex process, causing significant delays in distributions. To expedite recoveries, the Company has worked closely with the Committee of Creditors (CoC), which strongly supported the rebalancing plan as part of a viable Scheme proposal to allow distributions as soon as possible
For answers to more FAQs, click here 👉 https://wrx.gg/faqsrs
Q1: Why is WazirX planning new business initiatives alongside distributing funds to Creditors?
A: Zettai is committed to maximizing recoveries for Scheme Creditors. In addition to the First Distribution of rebalanced Net Liquid Platform Assets within 10 Business Days after the Scheme is effective, Zettai is focused on reactivating the Platform, recovering Illiquid Wallet Assets and Stolen Assets, and pursuing potential new business initiatives to enhance creditor recoveries further
Q2: What measures were taken to expedite rebalancing?
A: With over 4.4 million creditors, seeking individual approvals would have been a highly complex process, causing significant delays in distributions. To expedite recoveries, the Company has worked closely with the Committee of Creditors (CoC), which strongly supported the rebalancing plan as part of a viable Scheme proposal to allow distributions as soon as possible
For answers to more FAQs, click here 👉 https://wrx.gg/faqsrs
FAQ: How will Zettai ensure the buyback of Recovery Tokens and maximize creditor recoveries over the next three years?
A: The sharing of any future net profits will be governed by the Scheme, which, once approved by Scheme Creditors and sanctioned by the Court, will be legally binding. Purchases of Recovery Tokens will be driven by a number of factors, including amounts to be determined from net shared profits and recoveries from Illiquid Wallet Assets and Stolen Assets. While these depend on market conditions and recovery efforts, Zettai is fully committed to maximizing recoveries for creditors within the proposed timeline.
For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/faqsrs
A: The sharing of any future net profits will be governed by the Scheme, which, once approved by Scheme Creditors and sanctioned by the Court, will be legally binding. Purchases of Recovery Tokens will be driven by a number of factors, including amounts to be determined from net shared profits and recoveries from Illiquid Wallet Assets and Stolen Assets. While these depend on market conditions and recovery efforts, Zettai is fully committed to maximizing recoveries for creditors within the proposed timeline.
For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/faqsrs
The US, Japan, and South Korea have issued a joint statement on DPRK cyber threats, linking North Korea to $659M in crypto thefts, including $235M tied to WazirX. Collaborative efforts are underway to recover stolen funds and strengthen global financial security.
Read more 👉 https://www.koreatimes.co.kr/www/nation/2025/01/602_390391.html
Read more 👉 https://www.koreatimes.co.kr/www/nation/2025/01/602_390391.html
📢 Recovery Update: ~$3M USDT Frozen
As part of the ongoing recovery efforts following the cyberattack, ~$3M USDT has been successfully frozen. This marks an important milestone in safeguarding user interests and recovering stolen assets.
🔍 Why This Matters:
» Rapid Action: Freezing the funds stops them from being moved and helps with the recovery process.
» Focus on Recovery: Every measure is being taken to address the cyberattack's impact and recover additional funds.
» Commitment to Users: Every amount frozen & recovered strengthens our mission to safeguard the assets and rebuild trust.
Rest assured, we are working hand in hand with forensic experts and authorities to make meaningful progress and ensure justice prevails 🙏
As part of the ongoing recovery efforts following the cyberattack, ~$3M USDT has been successfully frozen. This marks an important milestone in safeguarding user interests and recovering stolen assets.
🔍 Why This Matters:
» Rapid Action: Freezing the funds stops them from being moved and helps with the recovery process.
» Focus on Recovery: Every measure is being taken to address the cyberattack's impact and recover additional funds.
» Commitment to Users: Every amount frozen & recovered strengthens our mission to safeguard the assets and rebuild trust.
Rest assured, we are working hand in hand with forensic experts and authorities to make meaningful progress and ensure justice prevails 🙏
The Scheme of Arrangement has advantages over Liquidation for Scheme Creditors as it offers:
✅ Potentially higher recoveries when compared to a possible Liquidation
✅ Significantly faster access to distributions than under a possible Liquidation
✅ More ability for Scheme Creditors to have a say in the overall process than in Liquidation
✅ Higher potential for any market-driven upside via token distributions than in Liquidation, where distributions will likely be made in fiat
✅ Potentially higher recoveries when compared to a possible Liquidation
✅ Significantly faster access to distributions than under a possible Liquidation
✅ More ability for Scheme Creditors to have a say in the overall process than in Liquidation
✅ Higher potential for any market-driven upside via token distributions than in Liquidation, where distributions will likely be made in fiat
📢 Court Approval for Scheme Meeting Granted
We're pleased to announce that the Singapore High Court has granted us leave to convene a Scheme Meeting. This marks another significant milestone in the restructuring process as we move closer to the distribution of Net Liquid Platform Assets and restarting the WazirX platform.
The next step? Prepare for the Voting Process. Scheme Creditors will have the opportunity to vote on the Restructuring Scheme, paving the way for faster and fairer recoveries.
We'll share details of the voting process and dates soon. Thank you for your continued patience and support as we take another step forward together.
Read more 👉 https://wazirx.com/blog/singapore-high-court-grants-leave-for-zettai-to-propose-its-scheme-of-arrangement-to-creditors/
We're pleased to announce that the Singapore High Court has granted us leave to convene a Scheme Meeting. This marks another significant milestone in the restructuring process as we move closer to the distribution of Net Liquid Platform Assets and restarting the WazirX platform.
The next step? Prepare for the Voting Process. Scheme Creditors will have the opportunity to vote on the Restructuring Scheme, paving the way for faster and fairer recoveries.
We'll share details of the voting process and dates soon. Thank you for your continued patience and support as we take another step forward together.
Read more 👉 https://wazirx.com/blog/singapore-high-court-grants-leave-for-zettai-to-propose-its-scheme-of-arrangement-to-creditors/
📢 Wallet Migration in Progress
We're moving funds from our existing cold wallets to new ones for better fund management, improved accessibility, and enhanced operational efficiency.
We are fully committed to remaining transparent, keeping our tribe at the heart of everything we do.
Thank you for your continued patience and support 🙏🏻
We're moving funds from our existing cold wallets to new ones for better fund management, improved accessibility, and enhanced operational efficiency.
We are fully committed to remaining transparent, keeping our tribe at the heart of everything we do.
Thank you for your continued patience and support 🙏🏻
We have published the Preliminary Creditor List and the 18th July Page inside the WazirX app to provide complete transparency in the restructuring process.
» Preliminary Creditor List – Creditors can now check their claim amount in USD using a unique UUID. The list is ordered by descending value of claims and can be searched using the UUID. A ‘Find My Balance’ option is also available for easy access. Additionally, creditors can inspect another creditor’s claim by submitting an inspection request during the Inspection process - please refer to the Preliminary Creditors List which sets out the UUID of all creditors in lieu of personally identifying information.
» 18th July Page – Creditors can now view a snapshot of their Balances as of 18th July 2024 1PM IST, including token balances and deposits made after this date. A link to this page has been added to the funds section and the app home page.
These updates ensure all creditors have visibility into their claims and are in line with the Scheme Process.
» Preliminary Creditor List – Creditors can now check their claim amount in USD using a unique UUID. The list is ordered by descending value of claims and can be searched using the UUID. A ‘Find My Balance’ option is also available for easy access. Additionally, creditors can inspect another creditor’s claim by submitting an inspection request during the Inspection process - please refer to the Preliminary Creditors List which sets out the UUID of all creditors in lieu of personally identifying information.
» 18th July Page – Creditors can now view a snapshot of their Balances as of 18th July 2024 1PM IST, including token balances and deposits made after this date. A link to this page has been added to the funds section and the app home page.
These updates ensure all creditors have visibility into their claims and are in line with the Scheme Process.
📢 Rebalancing Complete!
The rebalancing of platform assets is now done!
✅ Initial Fund distribution will return ~85.25% of USD value to creditors, based on rebalancing prices.
✅ Creditors can check their allocated share on the WazirX app & website.
Zettai remains committed to maximizing recoveries through:
» Platform reactivation
» Recovery Tokens
» Asset recovery (including stolen funds)
» New business initiatives (DEX)
All this depends on the Scheme’s approval if a majority votes Yes!
Read more 👉 https://wazirx.com/blog/asset-rebalancing-is-now-completed-check-your-first-distribution-estimates/
The rebalancing of platform assets is now done!
✅ Initial Fund distribution will return ~85.25% of USD value to creditors, based on rebalancing prices.
✅ Creditors can check their allocated share on the WazirX app & website.
Zettai remains committed to maximizing recoveries through:
» Platform reactivation
» Recovery Tokens
» Asset recovery (including stolen funds)
» New business initiatives (DEX)
All this depends on the Scheme’s approval if a majority votes Yes!
Read more 👉 https://wazirx.com/blog/asset-rebalancing-is-now-completed-check-your-first-distribution-estimates/