Dear Tribe!
We want to let you know that the Rebalancing Process is now complete. You can now check what the First Distribution of Rebalanced Net Liquid Platform Assets (NLPA) will look like with respect to your Balances.
Within 10 business days of the Scheme being effective, the First Distribution will be made to Scheme Creditors. For the Scheme to be effective, we need the support of Scheme Creditors like yourselves to vote for and approve the Scheme – this will require:
- More than 50% approval by count of Scheme Creditors present and voting; and
- at least 75% approval by value of Approved Claims of Scheme Creditors present and voting.
The Singapore Court will then need to sanction the Scheme before it can be effective and the First Distribution can occur.
Voting will be conducted transparently on the KIS (Kroll Information Services) platform and verified by the Independent Assessor, A&M (Alvarez & Marsal) to ensure fairness and accuracy. We will update you closer to the voting period.
Claim Review Process
The Claim Review process is the first step in the Scheme process that allows users to raise a dispute about their Claim amounts if needed.
Through the WazirX and KIS platforms, users can submit their Claim Disputes, provide valid proof, and have their requests reviewed by the Independent Assessor. If approved, the corrections will be updated in their portfolio, ensuring accuracy and fairness in the restructuring process. Please note that step is optional and you will not need to take any action if you are satisfied with your portfolio shown.
- An Action Card for the Claim Review process is available on the WazirX homepage for easy access.
- Upon clicking the card, a new page opens to explain the Claim Review process concisely.
- Users must provide consent to share their data with KIS (Kroll Information Services) to proceed further, ensuring compliance with privacy guidelines.
- Once consent is given, users can click “Agree and Continue,” which redirects them to the KIS portal to access the Claim Dispute Form.
- During the redirection, WazirX will securely share the following user details with KIS:
- Unique ID (UUID)
- Email ID
- Name
- Claim Amount (in USD)
- Token-wise breakdown as at 18 July 2024 1 PM IST (in USD)
Note: The adjudication form and its responses are managed entirely by KIS.
- The form remains active for 7 business days, from 10 February 2025 (5 PM SGT) to 19 February 2025 (5pm SGT). Claim Disputes may only be submitted during this period and via this form.
- Users disputing their Claim must upload valid proof supporting their Claim Dispute, to the satisfaction of the Independent Assessor, while filling out the Claim Dispute Form.
- Each user can submit only one adjudication request.
- After submitting the Claim Dispute Form, users will be redirected back to the WazirX platform.
- Upon submission of the Claim Dispute Form, a confirmation email will be sent to the user’s registered email address, including a copy of the response to the Claim Dispute Form for reference.
- All Claim Disputes are reviewed by the Independent Assessor as appointed by the Singapore Court. The Independent Assessor aims to respond to all properly submitted Claim Disputes by 28 February 2025.
- If the Independent Assessor approves a Claim Dispute, users will receive an email notification with the updated details. The corrections will also be shared with WazirX, and they will be promptly updated in the user’s Claims page.
NOTE: Your vote on the Scheme approval will directly impact the near-term First Distribution under the proposed Scheme and the possibility of future recoveries.
The Inspection process will follow after the Claim Review process. We’re fully committed to rebuilding trust and ensuring transparency with everyone involved.
Stay tuned for further updates!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
