WazirX Announcements

📢 Disclosure of 240,000+ wallet addresses pursuant to debt restructuring process

At WazirX, we’ve always believed that transparency is key to building and maintaining trust with our users. Today, we’re taking another step forward in that journey by sharing something important, an affidavit that includes the details of approximately 240,000 wallets with balances. This affidavit will be filed with the High Court of Singapore today as directed and will also be provided to creditors in the ongoing restructuring of Zettai Pte Ltd.

For more details, please read the blog 👉 https://wazirx.com/blog/disclosure-of-240000-wallet-addresses-pursuant-to-debt-restructuring-process/

Here's how the Committee of Creditors (COC) will be fairly formed to represent creditors' interests in the restructuring process.

📢 Third Townhall Announcement

Join us to learn about the formation of the Committee of Creditors (COC) and its roles and responsibilities in the restructuring process.

🗓️ 4th October 2024 at 1:30 PM IST
🕜 Set a reminder 👉 https://www.youtube.com/live/CzOm_nM3UeY?si=svI5aOipCvggBl9k

📢 Formation of Committee of Creditors (COC)

We're in the process of forming a Committee of Creditors (COC) to represent creditors' interests in the proposed restructuring of Zettai Pte Ltd. The COC will play a critical role in providing feedback, monitoring progress, and facilitating communication between creditors and the company.

Here are answers to a few key questions:

1. What is the COC's purpose?
The COC will represent creditors and act as a consultative body to provide feedback on the restructuring process.

2. How will COC members be selected?
COC members will be chosen based on a transparent selection process, ensuring fair representation across creditor pools.

3. What are the roles and responsibilities of COC members?
COC members will represent all creditors, attend meetings, and provide input on creditor preferences, progress, and restructuring.

For full details on the COC formation process, please read the blog 👉 https://wazirx.com/blog/announcement-formation-of-a-committee-of-creditors/

📢 WazirX Granted Four-Month Moratorium by Singapore Courts

In a crucial decision, the Singapore courts have granted WazirX a four-month moratorium, affirming the company's compliance with the legal and procedural requirements under Section 64 of the IRDA. This decisive court ruling highlights WazirX's commitment to act swiftly and responsibly in the interests of all stakeholders.

The court noted that from the onset of the proceedings, WazirX has actively engaged with creditors. The court acknowledged WazirX’s prompt response in filing for the moratorium. This action paves the way for the fastest, creditor-approved, and legally binding resolution to restore crypto balances, ensuring a fair and timely outcome for all stakeholders.

As part of the court's conditions, WazirX will make wallet addresses public via a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinized by independent parties.

The court has recognized WazirX’s proactive steps and our dedication to formulating a quick and effective scheme of arrangement. We are working diligently with our advisors and stakeholders to develop a comprehensive plan that addresses the needs of parties involved. WazirX appreciates the court's trust and confidence in our actions.

WazirX will continue to provide updates on our progress and further developments. We are steadfast in our commitment to resolve this matter efficiently and equitably 🙏

Watch this 👉 https://youtu.be/dbvQK4CSS_g?si=NCCTZywg_UVqsh4p

In an effort to simplify things, we've addressed one of the most frequently asked questions in this video: How does the Moratorium Process work?

Watch this 👉 https://youtu.be/HD6RygEDQDs?si=Tqo4xqjRXg3jvJq3

📢 Second Townhall Announcement

Join us at the Townhall to discuss the draft restructuring proposal and for a walk through and explanation of the worked examples.

🗓️ 16th September 2024 at 3:30 PM IST
🕞 Set a reminder 👉 https://www.youtube.com/live/GRllabwqit0?si=KVlVwF-3psqm44H2

📢 We’ve heard your feedback and are enhancing the options for supporting our Moratorium Application.

In addition to “Yes, I support,” we’ll soon introduce options for “No” and “No Position.”

More details will be shared shortly. Thank you for your continued engagement 🙏

We've received many questions around the Moratorium Application. In this blog, we have updated the FAQs section with relevant answers. We'll continue to update this blog with answers as we receive more questions.

Read here 👉 https://wazirx.com/blog/wazirx-moratorium-application-filed/

📢 INR Withdrawals Phase 2 Starts Early!

Starting today, all eligible users can now withdraw up to the full 66% limit of their INR balances.

Originally scheduled for 9th September, we’ve moved this up to provide quicker access. Thank you for your continued patience and support 🙏🏻

📢 First Townhall Announcement

Join us at the Townhall to discuss the proposed restructuring and Moratorium Application.

🗓️ 2nd September 2024 at 1.30 PM IST
🕜 Set a reminder 👉 https://www.youtube.com/live/DPT9VZ9yhE4?si=MK6nPpZNnSVYOjEa

📢 Moratorium Application Filed in Singapore Court

We wish to update all users of the WazirX Platform that we have taken the next step to address users' crypto balances following the 18 July 2024 cyberattack by filing for a moratorium with the Singapore High Court under the Insolvency, Restructuring and Dissolution Act 2018. This will provide the necessary space to restructure crypto liabilities of the Platform through a Scheme of arrangement.

A townhall will be held in the week commencing 2 September 2024 to explain key features of the moratorium and the Scheme. Further details in respect of this townhall will be provided in the coming days and users will be given the opportunity to submit questions in advance of the townhall 🙏

Read more for details 👉 https://wazirx.com/blog/wazirx-moratorium-application-filed/

📢 INR Withdrawals Phase 1 Now Live

All eligible users can withdraw up to half of the available 66% limit of their INR balances.

We have also reduced withdrawal fees by 60% – from INR 25 to INR 10 to make this process easier for you. Thank you for your continued patience and support 🙏

👋 tribe! We understand that our decision to pursue this restructuring path may raise some concerns, but we want to emphasize that it is the most expedient and legally sound approach to addressing the current crypto-related issue.

We believe this direction is in the best interest of our platform users, allowing us to move forward efficiently. Unfortunately, there are external parties, not invested in the platform, who may attempt to prolong this situation for their own reasons. Their intention appears to be maintaining uncertainty rather than finding a resolution.

Our primary goal is to assist our users in recovering as much as possible while simultaneously exploring ways to enhance value. Please be assured that we are continuously evaluating all available options, but as previously noted, these solutions require time and patience.

Moreover, we are actively pursuing various legal avenues and bounty programs to recover stolen assets. These efforts are ongoing, and we remain fully committed to achieving the best possible outcome for our users.

We will provide more details regarding the restructuring process next week. Please keep in mind that this is not a bankruptcy or liquidation—those paths would take several years to resolve. We encourage caution against certain individuals who may attempt to guide you toward those options for their personal gain.

It is regrettable that some are trying to exploit this situation for their own engagement. We encourage everyone to focus on achieving the most effective and quick resolution, which is through restructuring.

Thank you for your patience and understanding 🙏

📢 Important Announcement About INR Withdrawals and Crypto Next Steps

The last month has been a difficult time for users of the WazirX platform due to the cyberattack on 18 July 2024 and the subsequent suspension of withdrawals and trading to mitigate impact to the platform. We apologize for this delay which has been necessary to assess the situation and establish credible next steps to optimize a resolution for users.

Over the last few weeks, the WazirX team has been working tirelessly with its partners to work out a plan and we are pleased to inform all users of next steps to address the two main user concerns: cryptocurrency balances and INR balances.

Read more 👉 https://wazirx.com/blog/announcement-2/

📢 INR and Crypto next steps

We understand you are awaiting clarity on INR and crypto next steps. Our team is finalizing this, and we will share the next steps with everyone tomorrow.

Thank you for your patience and understanding 🙏

👋 tribe! Please note that all open orders currently placed on WazirX will be canceled. Any INR and crypto assets blocked in these open orders will be added to your respective balances.

This step is part of our ongoing efforts to resolve the issue surrounding INR and crypto balances on the platform.

Thank you for your continued patience and support 🙏

Google Subsidiary Mandiant confirms WazirX Laptops were not compromised in the cyberattack.

Mandiant, a leading cybersecurity firm, and Google subsidiary has confirmed that the laptops used by WazirX team members during the recent $230M cyberattack were NOT COMPROMISED.

This conclusion marks a crucial milestone in our ongoing investigation and reaffirms our commitment to securing our systems. The findings are the result of a rigorous and comprehensive process, which we have diligently undertaken since the attack. They have been shared with law enforcement and other investigative agencies to aid in the recovery of stolen assets. We remain committed to full transparency and are working closely with global partners to protect our community and build a safer crypto ecosystem for all.

Read more details here 👉 https://wazirx.com/blog/google-subsidiary-mandiant-certifies-wazirx-laptops-were-not-compromised/