Table of Contents
Dear Tribe! 🙏
Thank you for standing with us in this difficult time. With your immense support, the Singapore Court granted us a four-month moratorium. We want to assure you that the Zettai team has been working tirelessly to devise a restructuring plan to bring about the fastest, most equitable, creditor-approved and legally binding resolution for users with crypto balances as at 18 July 2024, who are Creditors in the proposed restructuring.
We have also heard your concerns and feedback regarding the Liquid Assets, particularly around asset distribution, the basis of calculation, and the timeline for recovery. We are committed to keeping you informed at every step, ensuring that the process is fully transparent.
To help you understand how Liquid Assets are intended to be rebalanced once the restructuring is implemented, we have designed a ‘Rebalancing Calculator,’ which currently aims to demonstrate how Liquid Assets will be rebalanced to reflect the token denominations in each Creditor’s platform balance. Subsequent updates will demonstrate how Creditors can benefit from market price-driven upside on tokens rebalanced for them.
You can access the Rebalancing Calculator here.
Please note that the Rebalancing Calculator updates market prices every day at 10 AM IST and will represent what the rebalancing would look like if it happened on that very day; there is no continuity with the Rebalancing Calculator output from any prior day.
Note:
- The market prices for the following tokens will be updated weekly: BEAMX, COCOS, EASY, GTO, PAX, TOMO, ZCO, NCASH, POE, and BTTC.
- For the Rebalancing Calculator, market prices of the following delisted tokens have been considered as 0: STORM, STQ, BCHOLD, BZRX, BANCA, and NOAH.
The actual rebalancing will occur in the near future, and details will be disclosed to creditors in advance of the rebalancing.
For now, the Rebalancing Calculator will help you understand how the rebalancing would look like, according to your portfolio.
DISCLAIMER:
The current version of the Rebalancing Calculator aims to illustrate how each Creditor is allocated a share of Liquid Assets based on their share of Claims.
Subsequent updates of the Rebalancing Calculator will demonstrate market exposure impact on the tokens rebalanced and held for each Creditor in line with their respective token denominations and expectations of crypto market movement.
Please take note of the following:
The Rebalancing Calculator is only for demonstrative purposes and allows users to visualize distributions of their tokens under a potential restructuring plan, which is still subject to approval by the requisite majority of creditors and the sanction of the Singapore Court.
The Rebalancing Calculator is designed for experimentation and understanding the proposed restructuring approach.
The Rebalancing Calculator aims to demonstrate the restructuring approach towards Liquid Assets only. The amounts shown under the Rebalancing Calculator are indicative only and do not constitute a commitment by Zettai to any specific level or amount of recovery. Further, the Rebalancing Calculator does not cover Illiquid Assets or any other potential recoveries that we are working towards, such as a restart of the WazirX platform, white knight collaborations, and recovery of stolen tokens, all of which are being worked on to improve recoveries to creditors. We will not be liable for any differences in recoveries portrayed in this Rebalancing Calculator and the actual recoveries, if any.
For the avoidance of any doubt, Creditors will not be distributed the exact tokens shown in the Rebalancing Calculator at this stage for, among others, the following key reasons:
- tokens can only be distributed under a scheme of arrangement, which at this point has not been proposed, approved by the requisite majority of creditors and sanctioned by the Singapore Court;
- the Rebalancing Calculator is designed for demonstration purposes only;
- the approach to rebalancing the Liquid Assets remains under assessment;
- the range of token denominations to be supported under the restructuring remains under assessment; and
- the rebalancing will occur at a point in the future subject to token prices at that time which are not known at this stage.
Rebalancing Calculator is subject to update and improvement, and we will inform Creditors as and when these updates occur.
Rebalancing Calculator
The Rebalancing Calculator will allow Creditors to visualize how Liquid Assets are intended to be rebalanced and distributed if and when the restructuring is implemented. This will give Creditors a clear view of the token balances that Creditors may receive under the proposed restructuring based on the token denominations currently in Creditors’ platform balances.
The Rebalancing Calculator can be used as a financial planner for the restructuring by clarifying how the restructuring aims to deliver recoveries from Liquid Assets to Creditors.
Claim Calculation
Here is an explanation of the way each Creditor’s Claims calculations are carried out:
- Total Claims: The total value of all Claims as of July 18, 2024, at 1 PM IST.
- Your Claim: The value of your individual Claim as of July 18, 2024, at 1 PM IST.
- Your Claim %: Your share of Total Claims (Your Claim divided by Total Claims).
- Liquid Assets: The latest value of Zettai’s Liquid Assets.
- Your Share of Liquid Assets: Your allocated share of Liquid Assets (Your Claim % multiplied by Liquid Assets).
IMPORTANT NOTE: (D) Liquid Assets and (E) Your Share of Liquid Assets will be updated once every day at 10 AM IST.
FAQs
Q 1. Will the value of the Liquid Assets change?
The Liquid Assets represent the portion of Zettai’s assets that is liquid and capable of being rebalanced. The amounts shown under the Rebalancing Calculator are indicative only and do not constitute a commitment by Zettai to any specific level or amount of recovery.
The value of Liquid Assets will be updated once daily at 10 AM IST to provide an accurate and up-to-date view.
NOTE: As the value of Liquid Assets fluctuates due to changes in token prices, the value of each Creditor’s share of Liquid Assets (Your Claim % multiplied by Liquid Assets) will also change. You can review the updated details every day within the Rebalancing Calculator.
Q 2. Which tokens will be excluded from the Rebalancing Calculator?
The following tokens are excluded from the Rebalancing Calculator:
- Crypto deposits made after the hack;
- Airdropped tokens;
- Delisted tokens;
- Illiquid Assets;
- Recovered stolen tokens;
- Any tokens that may be derived from white knight collaborations and
- Any tokens that may be derived from the profit-sharing of a reopened WazirX crypto exchange.
Please remember that the above exclusions apply only to the Rebalancing Calculator and do not represent the final outcome of the proposed restructuring. Work is underway in respect of all of the above for the benefit of improved recoveries to creditors under the proposed restructuring.
Q 3. Is there any specific time to calculate the claims?
Yes, under the proposed restructuring and in the Rebalancing Calculator, Claims will be taken at 1 PM IST on July 18, 2024.
Q 4. Can you give an example to help me understand the Rebalancing Calculator better?
Yes. Here is a simple example:
Total Claims (as of July 18, 2024, 1 PM IST): 100 USDT
Your Claim (as of July 18, 2024, 1 PM IST): 5 USDT
Your Claim %: Your Claim / Total Claims = 5 / 100 = 5%
Liquid Assets (as of the latest day, 10 AM IST): 52 USDT
Your Share of Liquid Assets: Your Claim % * Liquid Assets = 5% * 52 USDT = 2.6 USDT
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.
