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Beloved tribe.
In a significant development, the High Court of Singapore has ruled in favor of Zettai Pte Ltd, allowing the company to convene a scheme meeting with users of cryptocurrency exchange WazirX, a significant step in Zettai’s efforts to distribute assets related to WazirX to users and to restore the platform’s operations.The court granted Zettai a 16-week moratorium that ensures time and legal protection to carry out the restructuring process. In addition, the Court also granted permission to Zettai to amend the scheme meeting process with the aim of streamlining the process and facilitating the participation of more users in the scheme meeting.
The Court found that there was no abuse of process and also observed that there was no proper or sufficient evidence of wrongdoing or misconduct presented to the Court, contrary to suggestions made by some users of the platform that Zettai orchestrated the cyberattack.This observation comes at a crucial time following a joint statement by the governments of the United States, Japan, and South Korea that identified North Korea’s Lazar group as responsible for the cyber attack noted that while there may be a number of creditors who have raised objections to Zettai’s application, there is also the possibility of a silent majority of users who support the application but choose to be passive in the process.
Zettai would like to take this opportunity to reaffirm its commitment to address user concerns and implement a comprehensive restructuring plan to facilitate the recovery of platform users in a structured manner.
The main components of the approved scheme
- Debt restructuring framework. The scheme sets out a structured approach to reorganize the liabilities associated with WazirX to optimize returns for all users of the platform.
- Distribution of signs. The liquid assets of the balanced platform will be distributed to the creditors of the scheme within 10 working days from the effective date of the scheme.
- Implementation of recovery token. The scheme involves issuing recovery tokens (RTs) and distributing recoveries through RT purchase mechanisms.
- Reactivation of the platform. Plans include a strategic reactivation of the WazirX platform with new features and the launch of a decentralized exchange (DEX:)
- Profit sharing structure. Available net profits generated over the 36-month period will be used to fund the acquisition of RT.
“I thank the court for allowing the scheme to be held and for appreciating our efforts. We are leaving no stone unturned to facilitate the recovery of users as soon as possible and urge users to vote for the scheme.” said Nishal Shetty, founder of WazirX.
Next steps
The meeting of creditors is expected to be held online, after which voting on the proposed scheme of arrangement will take place electronically. Zettai will inform creditors of the details of this process shortly.
Zettai remains committed to maintaining transparency and fairness throughout this process. Zettai believes that the proposed scheme represents the most efficient and fair solution for all platform users and strongly encourages platform users to support the Scheme as it offers enhanced recovery. potential compared to alternative scenarios.
More from the Press
- WazirX Receives Singapore Court Approval to Pay $235 Million to Hack Victims
- WazirX is headed to the Singapore court to return customers’ funds. MONIIFY SCOOP!
Disclaimer: Cryptocurrency is not legal tender and is currently unregulated. Please ensure that you exercise sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information presented in this section does not represent any investment advice or WazirX’s position reserves the right, at its sole discretion, to modify or amend this blog post at any time and for any reason without notice. prior notice.
