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Dear Tribe!
As you know, on January 23, 2025, the Singapore High Court granted Zettai Pte Ltd (“Zettai” or the “Company”) leave to convene a meeting with its Scheme Creditors for the purposes of proposing and if thought fit, voting on a Scheme of Arrangement (“Scheme”).
This decision is a significant step in our efforts to distribute Net Liquid Platform Assets to the Scheme Creditors, and resume operations of the Platform.
As the Rebalancing Process is completed, you can now check what the First Distribution will look like with respect to your Balances, which will be processed within 10 business days of the Scheme should it become effective.
Update on the Rebalanced Net Liquid Platform Assets (NLPA)
The NLPA has been rebalanced to match the token denominations of the Platform’s assets with its liabilities.
Once the Scheme is successfully approved and is effective, creditors’ share of the rebalance NLPA will be distributed within 10 business days under the First Distribution.
By supporting the Scheme, you’re not just supporting a swift First Distribution —you’re also supporting long-term recovery and stability of the WazirX Platform and improved recoveries for all Scheme Creditors, including yourself.
However, if the Scheme is unsuccessful, Scheme Creditors will have to wait for the ownership dispute of the Platform to be resolved before steps for recovery can be considered and commenced, which is subject to significant risk, uncertainty and delay. Access to distributions is be expected to be significantly longer than under a successful Scheme, and may not offer the same flexibility and features that the proposed Scheme has, (such as distributions in tokens and not fiat), which may limit your ability to participate in market price-driven upside.
To check your allocated share of Rebalanced NLPA, you need to go to the First Distribution page, where you can see:
- USD Value of your computed share of the Rebalanced NLPA
- Effective USD Recovery (in %)
- Your Unique ID
- Current Value of your computed share of the Rebalanced NLPA
- Token Breakdown of your computed share of the Rebalanced NLPA
- Crypto Deposits
- USD Value of Rebalanced NLPA
This value shows the recovery, in fiat equivalent, to you as a Scheme Creditor from the Rebalancing, based on the Rebalanced NLPA tokens allocated to you. Please note that this number reflects the value of said tokens at the effective Rebalancing prices and is a static number. As the First Distribution will be made in tokens, you retain market exposure to these tokens which makes possible further fiat upside if token prices increase. These tokens will be part of the First Distribution, which will occur within 10 business days following the effectiveness of the Scheme.
Note: The figure provided is in USD, with the ability to toggle to INR (FX rate from Coinmarketcap, where available).
A detailed breakdown of the token-wise allocation is provided in the subsequent section, which allows you to see the current value of Rebalanced tokens allocated to you based on live market prices.
- Effective USD Recovery (in %)
This percentage represents your fiat recovery from Rebalanced tokens as a proportion of your gross Claim. From the Rebalancing, Scheme Creditors will receive approximately 85.25% in fiat recovery, subject to minor variance not exceeding 0.5%. We have sought to minimize such variance, but this is unavoidable due to the large number of token transactions that need to be undertaken and the volatility of crypto prices during the Rebalancing process.
- Your Unique ID
Each Scheme Creditor will be assigned a unique ID, which will remain confidential from other Scheme Creditors. Access to the details associated with this ID can be granted upon submission of a request, provided the request includes a valid reason. This Unique ID will be used throughout the Scheme Process, including for submission of Claim Disputes, Inspection Requests and in Voting.
You are reminded not to share this unique ID with any other party.
- Current Value
This section will display the current value of your computed share of the Rebalanced NLPA real-time based on live pricing from Coinmarketcap, where available. With the help of the toggle button on the top-right corner, you can check both the INR and USD values (FX rates also live from Coinmarketcap).
- Token Breakdown
Here, you can view a complete list of the tokens comprised in your computed share of the Rebalanced NLPA which would be distributed to you under the First Distribution. You may also use the search bar on the right to find a specific token and check its current value.
NOTE: Certain tokens (ANT, LOVELY, PUSH, GFT, OOKI, MDX, BOB, and WRX) cannot be distributed in their respective denominations due to their low market liquidity. Distribution under the First Distribution will be provided partially in these tokens, with the remaining amount settled in USDT or any other stablecoin.
For example, if a Creditor is entitled to 800 PUSH as his computed shared of the Rebalanced NLPA, he may receive 500 PUSH, while the remaining 300 PUSH will be distributed in USDT equivalent.
- Crypto Deposits
Crypto and/or stablecoins deposited after July 18, 2024, 1 PM IST, are not subject to the Scheme and will be made available for full withdrawal in token terms soon after should the Scheme become effective.
Update on Future Recoveries
Scheme Creditors will receive Recovery Tokens in their WazirX Accounts via AirDrop subject to the Scheme being approved and effective. These tokens, allocated based on each Scheme Creditor’s share of Approved Claims, will be used to distribute any future recoveries from, among others, recoveries of Illiquid Platform Assets (which include the Stolen Asset) and available shared profits from the Platform’s operations, via purchase of the Recovery Tokens.
Taking the Next Step
Your vote on the Scheme approval will directly impact not only the near-term First Distribution under the Scheme but also the possibility of future recoveries.
Remember, a YES vote supports a quick and fair First Distribution (in tokens) and the potential for additional gains. We encourage all Scheme Creditors to review their computed share of the intended First Distribution, read the various Scheme documents that will be provided to all Scheme Creditors as well as participate in our engagement sessions so as to make an informed decision.
Together, we will rise like a phoenix – every positive vote will bring us closer to rebuilding what was lost and securing a better future for everyone.
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.
