February 12, 2025 – Earlier in the week, Zettai Pte Ltd (“Zettai”) announced that the voting process for the Scheme of Arrangement (“Scheme”) has been tentatively scheduled from March 19 to March 28, 2025. This marks the most crucial step in its restructuring process as rebalanced net liquid platform assets will be available subject to the Scheme becoming effective.
During the voting period, WazirX users will have the option to vote in favour or against the Scheme with a simple YES/NO button on the third party Kroll Issuer Services voting platform, the results of which will be evaluated by the Independent Assessor (Alvarez & Marsal).
For the Scheme to be effective, it must receive approval from the requisite majority of Scheme Creditors and sanction from Singapore Court. Within 10 business days of the Scheme becoming effective, the first token distribution under the Scheme to Scheme Creditors will take place.
If approved within the estimated timeframe, WazirX’s recovery will be one of the fastest in the industry. After obtaining the necessary court approvals to sanction the Scheme, the first distribution is envisaged to be completed within less than a year of the withdrawal freeze in July 2024, setting a new benchmark in crypto crisis management and recovery
Nischal Shetty, Founder of WazirX said, “The upcoming voting phase is a pivotal moment in our restructuring process. We are committed to ensuring a swift recovery for our users and we need their support to make this happen. The rebalancing process has been a crucial step in this journey and will play a key role in shaping users’ decisions towards the Scheme.”
The High Court of Singapore granted Zettai leave to convene a Scheme Meeting in January. Zettai remains committed to the restructuring process, which it believes is a favourable option for its stakeholders. With token distributions set to begin upon effectiveness of the Scheme, followed by additional phased distributions, the company seeks to ensure a transparent, efficient, and secure recovery for its creditors.
By executing one of the fastest and most transparent recovery processes in the crypto industry, we aim to set a new benchmark for accountability and resilience. Beyond the initial distribution, the Scheme envisions additional distributions over three years, funded through, among others, Illiquid Wallet and Stolen Asset recoveries and net shared profits generated from future operations. These distributions will be facilitated through the purchase of Recovery Tokens issued to Scheme Creditors.
WazirX has already frozen an initial tranche of stolen assets worth USDT 3 million and continues to work with leading blockchain forensics firm zeroShadow, alongside law enforcement agencies, to track and recover more stolen funds.
The rebalancing process, completed in January 2025, aligned the value held in asset denominations of Net Liquid Platform Assets with platform liabilities to the extent practicable. WazirX has been working closely with financial advisors, brokerages, and legal experts to execute secure trades and optimize rebalanced token allocation to Scheme Creditors. The rebalancing of available assets will potentially allow for the distribution representing approximately 85% of Scheme Creditors’ balances which were valued as of July 18, 2024, 1 PM IST.
With voting estimated to take place in March 2025, WazirX encourages all Scheme Creditors to participate and approve the scheme to expedite the distribution process.
For more information on the scheme or details on the voting process, please visit https://wazirx.com/ For more information, please reach out to: [email protected]
More From The Press:
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.
