Table of Contents
Our journey till now has been nothing short of a roller coaster ride. We are grateful for the unwavering support of our users and are committed to bringing the best possible resolution for them. After facing the cyberattack, we are on a journey to have one of the fastest recovery processes in crypto history. Thank you to everyone who stood by us!
As the voting process is completed, we have moved closer to another pivotal moment—the First Distribution. The voting result will shape the future of the Platform and the community.
To stay true to our commitment to transparency, we recently completed the independent verification of Platform Assets and Platform Liabilities. We hope this independent verification reflects our commitment to complete disclosure and user-centric decision-making. Your trust in us has been our backbone.
As the voting process has ended, all votes will be securely compiled and prepared for the next crucial step—verification. This marks the completion of a significant phase where the users have voiced their stance on the Scheme of Arrangement.
Here’s what comes next in this journey:
#1 Vote Verification by the Independent Assessor
Zettai will formally submit the votes for verification by an Independent Assessor. This step ensures complete transparency and accuracy in the voting process. Every vote cast will be reviewed meticulously to uphold the integrity of the process.
#2 Independent Assessor’s Verification Report
After thorough scrutiny, the Independent Assessor will submit an official verification report to Zettai and the Scheme Manager. This report will confirm the legitimacy of the votes and ensure that the results reflect the true consensus of the users.
#3 Notice to Scheme Creditors Regarding Vote Results
Once the verification process is completed, Zettai will issue a formal notice to all Scheme Creditors. This notice will not only declare the final vote results but also provide instructions on how creditors can access and review them for complete transparency.
#4 Singapore Court Hearing for the Scheme to Become Effective
With the verified voting results, the next step will be legal validation. The outcome of the Scheme Voting will be presented at the Singapore Court hearing. Based on the Scheme and Voting results, the court will give the final verdict, which will pave the way for the structured recovery process to begin.
#5 First Distribution to Begin in April/May 2025
Within 10 business days of the Scheme becoming legally effective, the First Distribution will begin. This will be a major step towards our restart journey, ensuring that the users receive their assets as per the Scheme of Arrangement.
#6 Trading Resumes & Phased Crypto Withdrawals
With stability returning to the Platform, trading activities will gradually resume. We will also initiate a rollout of crypto withdrawals, which will happen in phases, ensuring compliance with regulatory guidelines while prioritizing user accessibility.
#7 Recovery Token Allocation (Within 60 Business Days)
Recovery Tokens offer creditors a way to participate in the Platform’s recovery, with potential benefits from additional asset recoveries and shared surpluses. RTs will be allocated on a pro-rata basis, which may also have trading functionality. Their pricing is designed to ensure that any market-driven upside directly benefits the Creditors.
#8 DEX Launch
As part of our vision to build a stronger, more resilient ecosystem, a Decentralized Exchange (DEX) will be launched. We want to empower users with decentralized trading opportunities while reinforcing platform security and autonomy.
Our Commitment to the Future
We have always believed that our strength comes from our tribe. Therefore, every decision we have made and every step we have taken has been aimed at rebuilding trust, securing user assets, and ensuring a stronger comeback.
We don’t only want to restore what was lost–we want to build something even better.
The journey isn’t over yet, but together, we move forward and upward. Stay tuned for more updates on our next steps.
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.
