Mumbai, March 19, 2025 – Zettai Pte. Ltd. announces the completion of the independent verification of the Platform Assets and Platform Liabilities, as directed by the Court at the hearing of HC/OA 1284/2024 in January 2025. This assessment was conducted by the Independent Assessors (IA) for the Scheme process, namely Joshua Taylor care of Alvarez & Marsal (SE Asia) Pte Ltd and Henry Anthony Chambers care of Alvarez & Marsal Disputes & Investigations Pte Ltd.
Among other things, the IA independently verified the existence, control, and quantity of the Platform Assets, i.e. (i) the Net Liquid Platform Assets, which include token assets custodied with BitGo, in four major cryptocurrency exchanges and 9 cold wallet addresses, totaling USD equivalent (USD) 478.5 million as of January 17, 2025, and (ii) the Illiquid Platform Assets, which include, among others, the Stolen Assets and Illiquid Wallet Assets.
The IA also independently verified the final population of Scheme Creditors as well as the Platform Liabilities at the Ascertainment Date, by reviewing Zettai’s full transaction history and recalculating the currency quantity balances for each Platform User.
The Independent Assessors’ verification provides critical transparency and integrity in verifying the Platform Assets and Platform Liabilities, which our financial advisors, Kroll, have utilized for the purpose of their detailed financial forecast and liquidation analysis for purposes of the Scheme.
About the Independent Assessors (IA):
Joshua Taylor is an expert in Restructuring Practice with over 20 years of experience in matters of insolvency, restructuring and schemes of arrangement. https://www.alvarezandmarsal.com/our-people/joshua-taylor
Henry Chambers is a forensic accounting expert with over 12 years of experience in industries such as fintech, digital assets, etc. and has been part of investigation assignments on cryptocurrency, asset tracing, among others. https://www.alvarezandmarsal.com/our-people/henry-chambers
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