After months of extensive efforts–including charting a Scheme of Arrangement that benefits the Scheme Creditors, partnering with trusted custody providers, and conducting Independent Verification of Platform Assets and Platform Liabilities–we have successfully concluded the voting process.
We’re also glad to inform you that the Scheme received overwhelming support from the Creditors, with 93.1% by count and 94.6% by value of voting Scheme Creditors supporting it.
As the Scheme voting and IA verification are completed, the Singapore Court will hold a hearing to review the outcome before the Scheme becomes effective. If the Scheme becomes effective, the First Distribution will be done within 10 business days of the Effective Scheme Date.
In the recovery journey, the First Distribution marks a key milestone.
However, this is just the first step. But what’s next? We aim to maximize future recoveries and ensure surplus sharing. Here is how we plan to deliver more in the long run –
- Recovery from Illiquid Platform Assets and Stolen Assets will be distributed to Scheme Creditors. Our aim is to ensure that these recovered funds are fairly distributed to all Creditors.
- The revenue generated from the planned New Business Initiatives will be distributed among Creditors. We believe that these initiatives will generate sustainable income, strengthening the Platform’s financial position, and enhancing the overall recovery process. The goal is to create long-term value for Creditors beyond just immediate repayments.
- Recovery Tokens will be issued to all the Scheme Creditors on a pro-rata basis, ensuring equitable and fair distribution. Once the Scheme becomes effective, these tokens will be distributed within 60 business days.
Moving forward, as the Scheme voting and IA verification are done, we want to reassure you that transparency and Creditors’ interest remain at the core of our recovery strategy. The success of the Scheme of Arrangement depends on a collective effort, and every step taken is aimed at ensuring a stronger, more resilient future for all stakeholders.
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.
