WazirX Announcements

The US, Japan, and South Korea have issued a joint statement on DPRK cyber threats, linking North Korea to $659M in crypto thefts, including $235M tied to WazirX. Collaborative efforts are underway to recover stolen funds and strengthen global financial security.

Read more 👉 https://www.koreatimes.co.kr/www/nation/2025/01/602_390391.html

FAQ: How will Zettai ensure the buyback of Recovery Tokens and maximize creditor recoveries over the next three years?

A: The sharing of any future net profits will be governed by the Scheme, which, once approved by Scheme Creditors and sanctioned by the Court, will be legally binding. Purchases of Recovery Tokens will be driven by a number of factors, including amounts to be determined from net shared profits and recoveries from Illiquid Wallet Assets and Stolen Assets. While these depend on market conditions and recovery efforts, Zettai is fully committed to maximizing recoveries for creditors within the proposed timeline.

For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/faqsrs

📢 FAQs around Restructuring Scheme

Q1: Why is WazirX planning new business initiatives alongside distributing funds to Creditors?

A: Zettai is committed to maximizing recoveries for Scheme Creditors. In addition to the First Distribution of rebalanced Net Liquid Platform Assets within 10 Business Days after the Scheme is effective, Zettai is focused on reactivating the Platform, recovering Illiquid Wallet Assets and Stolen Assets, and pursuing potential new business initiatives to enhance creditor recoveries further

Q2: What measures were taken to expedite rebalancing?

A: With over 4.4 million creditors, seeking individual approvals would have been a highly complex process, causing significant delays in distributions. To expedite recoveries, the Company has worked closely with the Committee of Creditors (CoC), which strongly supported the rebalancing plan as part of a viable Scheme proposal to allow distributions as soon as possible

For answers to more FAQs, click here 👉 https://wrx.gg/faqsrs

FAQ: What is the expected timeline for the creditors and the Court's approval of the restructuring scheme? When can creditors expect to receive their funds?

A: The Effective Scheme Date is subject to Court timelines and the Scheme process. First, the Court will need to hear Zettai's application for leave to convene a meeting of its creditors, and this hearing is fixed for 22 January 2025. Only if the Court grants this application can Zettai proceed with the rest of the Scheme process, including holding a meeting of creditors to propose the Scheme and let creditors vote on the Scheme.

While the exact timing depends on these factors, we are actively working to expedite the process and achieve the earliest possible resolution. Following the Effective Scheme Date, the First Distribution of Net Liquid Platform Assets will be made within 10 Business Days.

For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/faqsrs

📢 Fifth Townhall Announcement

In this Townhall, we will explain the proposed Scheme Terms, outline the Scheme Process, and share the key timelines as part of the restructuring of Zettai Pte Ltd. This session is designed to ensure that all creditors have full visibility into the restructuring process and a clear understanding of the proposed Scheme.

🗓️: 19th December 2024 at 6 PM IST
🕕: Set a reminder 👉 https://www.youtube.com/live/njoGt0Qu058?si=IBhSrhzeDcELtiI6

We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors.

Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with innovative features to enhance user experience and provide a more robust platform.

The relaunch prioritizes fairness, efficiency, and enhanced services for all Scheme Creditors. Thank you for your patience and support 🙏

How will Recovery Tokens (RTs) be used?

As part of the Scheme, Scheme Creditors will receive RTs on a pro-rata basis based on their Approved Claims. RTs provide access to:

• Surplus sharing
• Recoveries from Illiquid and Stolen assets
• Potential market-driven upside

Determined amounts from the above will be used to purchase RTs in accordance with the Scheme, ensuring Scheme Creditors benefit from future recoveries and price appreciation.

This creditors-first approach is designed to maximize recoveries and align long-term value with market opportunities.

Further details are included in the draft Scheme document in the affidavit shared via email on 10th December 2024.

On Dec 6, Zettai Pte Ltd filed an application with the Singapore High Court to convene the Scheme Meeting— a critical step toward initiating distributions under the proposed Scheme expediently.

What makes the Scheme of Arrangement the best possible solution?

✅ Fastest recovery solution
✅ Fair and equitable for all Scheme Creditors
✅ Legally binding

Once the Scheme is approved by the requisite majority of Scheme Creditors and sanctioned by the Singapore Court, an initial distribution of net available liquid assets will commence within 10 Singapore business days of the Scheme becoming effective.

Read more 👉 https://wazirx.com/blog/scheme-of-arrangement-filed-with-the-singapore-court/

📢 Update on Asset Rebalancing

We are currently in the process of rebalancing tokens. As part of this, you may notice fund movements between various cold wallets. The temporary consolidation of assets is a necessary step before final allocations to secure cold wallets.

Once the rebalancing and wallet management efforts are complete, we will share a comprehensive list of all cold wallets and the respective tokens held.

Thank you for your patience and trust.

FAQ: Is the USD30m Cost Reserves an expansion of the initial USD12m fund?

A: The USD30m cost fund (“Cost Reserves”) is an extension of the initial USD12m (“Restructuring Cost Fund”) set aside to fund the restructuring process until a Scheme is effective.

The Cost Reserves were not generated by taking an additional USD18m from the assets of the restructuring. Instead, through strategic treasury management, the team was able to realize an additional USD18m of value from the same set of tokens initially set aside to fund the Restructuring Cost Fund (which were worth USD12m in August / September 2024).

In this way, no further tokens have been reserved from the assets of the restructuring, and the Company has at the same time secured the Cost Reserves capable of funding a successful restructuring.

For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/sffaqs

📢 Update on Scheme Filing

Zettai Pte Ltd has filed an application with the Singapore High Court on 6th December 2024 for leave to convene a meeting of its Creditors for the purposes of presenting and voting on a Scheme of Arrangement.

Read more 👉 https://wazirx.com/blog/scheme-of-arrangement-filed-with-the-singapore-court/

Thank you for your continued patience and support 🙏

📢 Update on Scheme Filing

We are set to file by the end of this week an application with the Singapore Court for permission to convene a meeting of creditors to present the Company’s proposed Scheme of Arrangement for voting. This marks a key step in helping Scheme Creditors regain access to funds and restart the platform, demonstrating our commitment to trust and transparency.

The Scheme is being designed to ensure a fair and equitable resolution for all Scheme Creditors, instilling confidence in the process.

In support of the Scheme, we are concurrently performing an on-chain movement of tokens to streamline custody and improve efficiency. This is a standard practice, and the assets of the platform and services provided by the platform remain secure.

Transparency is at the core of our approach, which is why we are keeping you informed.

Thank you for your continued patience and support 🙏

Watch this example-based explanation of how the Rebalancing Calculator works 👉 https://www.youtube.com/watch?v=O0DT4xap8II

Watch this 👉 https://www.youtube.com/watch?v=WO5K0qb5-nQ

FAQ: Will I get USDT or my token?

A: The Rebalancing Calculator displays Your Claim as of 18 July 2024 at 1 PM IST in both USD and INR and Your Share of Liquid Assets, which will be made available for distribution to you upon the Restructuring Effective Date.

Your Share of the Liquid Assets USD value will be distributed to you in cryptocurrency tokens, in accordance with the token denominations that represent Your Claim, as displayed on the Restructuring Calculator. The quantity of tokens will vary depending on the individual price movements of the tokens that represent Your Claim when the rebalancing occurs.

For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/rcfaqs

FAQ: Why is there a difference between the investment value and the rebalancing calculator value?

A: The Rebalancing Calculator displays Your Claims as of 18 July at 1 PM IST, which represents the total value of your WazirX platform crypto account balance.

Your initial investment value will vary as cryptocurrency prices can fluctuate widely due to a number of market factors. Investing in cryptocurrencies involves significant risk and may result in losses.

📢 There’s some confusion or misinformation about how liquid assets are being managed. Whether it’s due to misunderstanding or malicious intent, we want you to have the facts and full clarity about the restructuring process. Here’s an example to make it clear:

1. Before the hack, let’s say the total assets were 1 BTC and 1 ETH, equally shared among 5 users.
2. At the time, 1 BTC was worth $100, and 1 ETH was worth $50, making the total value $150. Each user’s share was $30 ($150/5).
3. Unfortunately, 1 ETH was stolen in the hack.
4. Later, BTC’s price increased to $150.
5. Now, the portfolio value is back to $150 due to BTC’s price increase. Each user will still get their $30 share.

This means WazirX doesn’t keep the $50 gained from BTC’s price increase. It goes to you, the users.

Don’t let anyone mislead you. You deserve the truth, and we’re here to ensure you get it. The upside belongs to you ✌️

📢 Enhancements made to Rebalancing Calculator

Based on community feedback, we have made some enhancements to the Rebalancing Calculator like Currency Preference.

Read this blog to know more 👉 https://wazirx.com/blog/new-enhancements-to-the-rebalancing-calculator/

📢 We have received several questions from the community regarding the Rebalancing Calculator. Below is the answer to one of the most common queries:

Q 1. Why does the quantity of Tokens go up and down, even when 52% of Tokens are allocated?

Ans. The quantity of tokens changes as the total value of the portfolio fluctuates. When the prices of individual tokens rise or fall, the number of tokens we need to purchase during the rebalancing process to maintain the portfolio's value is affected.

For example, if we currently have a $390 million unbalanced portfolio, after rebalancing, we will still have a $390 million balanced portfolio, but the distribution of tokens may vary based on market prices. So, if prices increase, the quantity of tokens may decrease, and if prices decrease, the quantity of tokens may increase.

For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/rcfaqs

Thank you for your continued patience and support 🙏

Here's a short video explaining how the Rebalancing Calculator works 👉 https://www.youtube.com/watch?v=qzewNsUJJkY

📢 Introducing the Rebalancing Calculator!

With the Rebalancing Calculator, you will be able to see how Liquid Assets will be rebalanced to reflect the token denominations in each Creditor’s platform balance. Future updates will demonstrate how Creditors can benefit from potential market price gains on their rebalanced tokens.

Access the Rebalancing Calculator here 👉 https://wazirx.com/rebalancing-calculator

📢 Fourth Townhall Announcement

In this Townhall, we will introduce the new Rebalancing Calculator and discuss other value drivers that are being explored as part of the restructuring efforts.

🗓️: 6th November 2024 at 5:30 PM IST
🕠: Set a reminder 👉 https://www.youtube.com/live/NfU7Yruatdo?si=0IXWZ_cGfyj3Pj5C

📢 Introducing the Scheme Timeline Calculator

The Scheme Timeline Calculator is an interactive tool designed to guide you through each step of the restructuring process. It enables users to explore scenario-based timelines and keep track of essential dates. While WazirX is dedicated to progressing as quickly as possible, certain phases depend on Singapore court schedules, particularly during the holiday season. This tool enhances transparency, keeping you well-informed throughout the journey.

Access the Calculator here 👉 https://wazirx.com/scheme-timelines

📢 Scheduled maintenance is now completed.

Thanks for your patience 🙏

📢 Scheduled Maintenance

We will be undergoing scheduled maintenance for a system upgrade from 10 PM IST on 28th October to 3 AM IST on 29th October. Please note that all services will be unavailable during this period.

Thank you for your support 🙏

📢 Proof of Reserves is now live

In line with our commitment to transparency, you can now verify wallet addresses and review asset balances through our Proof of Reserves.

Click here 👉 https://wazirx.com/proof-of-reserves

Note: A Proof of Reserves dashboard with dynamically updated data by CoinGabbar (a renowned platform for tracking crypto assets) will be available soon.

For more details, please read the blog 👉 https://wazirx.com/blog/wazirx-publishes-proof-of-reserves-for-october-2024/

📢 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/