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Beloved tribe. 🙏
Thank you for standing with us at this difficult time. With your tremendous support, the Singapore court granted us a four-month moratorium. We want to assure you that the Zettai team is working tirelessly to develop a restructuring plan that will bring the fastest, fairest, creditor approved and legally binding resolution for users with crypto balances who are Creditors as of July 18, 2024. reconstruction is proposed.
We have also listened to your concerns and feedback regarding Liquid Assets, particularly the allocation of assets, basis of calculation and timing of recovery. We are committed to keeping you informed every step of the way, ensuring that the process is completely transparent.
To help you understand how the rebalancing of Liquid Assets is planned after the restructuring, we have designed “Rebalancing Calculator” which is currently intended to show how the Liquid Assets will be rebalanced to reflect the denominations of each Driver’s platform balance tokens. Future updates will show how lenders can benefit from a market-based uplift on tokens recalculated for them.
You can access the Rebalancing Calculator here.
Please note that the Rebalancing Calculator updates market prices daily at 10 AM IST and will represent what the rebalancing would look like if it happened on that day; There is no continuity with the Rebalancing Calculator product from the previous day.
Note:
- The market prices of the following tokens will be updated weekly: BEAMX, COCOS, EASY, GTO, PAX, TOMO, ZCO, NCASH, POE and BTTC.
- For the Rebalancing Calculator, the market prices of the following delisted tokens were treated as 0: STORM, STQ, BCHOLD, BZRX, BANCA and NOAH.
The actual recalculation will take place in the near future and details will be released to creditors prior to the recalculation.
For now, the Rebalancing Calculator will help you understand what rebalancing will look like based on your portfolio.
DISCLAIMER:
The current version of the Rebalancing Calculator aims to show how each Creditor is allocated a share of Liquid Assets based on their share of claims.
Further updates of the rebalancing calculator will show the impact of market exposure on the rebalanced and held tokens for each lender, according to token denominations and expectations of crypto market movements.
Please note the following:
The Rebalancing Calculator is for demonstration purposes only and allows users to visualize the distribution of their tokens under a potential restructuring plan, which is still subject to approval by the requisite majority of creditors and sentence from a Singapore court.
The Rebalancing Calculator is designed to help you understand the recommended approach to experimentation and rebalancing.
The rebalancing calculator aims to demonstrate the restructuring approach to liquid assets only. The amounts shown below the rebalancing counter are indicative only and do not constitute a commitment by Zettai to any specific level or amount of rebalancing. Furthermore, the Rebalancing Calculator does not cover Illiquid Assets or any other possible recoveries we are working on, such as the WazirX platform relaunch, white knight collaboration, and stolen token recoveries, all of which are being worked on to improve recoveries. to creditors. We shall not be liable for the difference, if any, between the recoveries shown in this Rebalancing calculator and the actual recoveries.
For the avoidance of doubt, Lenders will not be allocated the exact marks shown on the Rebalancing Calculator at this stage. for the following main reasons, among others:
- the tokens may only be distributed under a scheme of arrangement not currently proposed, approved by the requisite majority of creditors and sanctioned by a Singapore court;
- The Rebalancing Calculator is for demonstration purposes only.
- The liquid asset recalculation approach remains under evaluation.
- The range of token denominations supported under the restructuring remains under evaluation; and:
- The rebalancing will take place in the future at the then token prices, which are not known at this stage.
The Rebalancing Calculator is subject to updates and improvements, and we will notify Creditors as and when those updates occur.
Rebalancing Calculator
The rebalancing calculator will give lenders an idea of how liquid assets are expected to be rebalanced and distributed if and when a restructuring takes place. This will give Lenders a clear idea of the token balances that Creditors may receive under the proposed restructuring, based on the token denominations currently available in the Lenders platform balances.
The Rebalancing Calculator can be used as a financial planner for the restructuring, clarifying how the restructuring is intended to provide compensation from Liquid Assets to creditors.
Demand calculation
Here is an explanation of how each Creditor’s claims are calculated:
- General requirements: total value of all claims as on 18 July 2024 at 1:00 PM IST.
- Your claim. Your individual claim value as on 18 July 2024 at 1:00 PM IST.
- Your claim %. Your share of total claims (Your claim divided by total claims).
- Liquid assets. Zettai’s latest liquid asset value.
- Your share of liquid assets. Your allocated share of liquid assets (your claim percentage multiplied by liquid assets).
IMPORTANT NOTE: (D) Liquid Assets and (E) Your Share of Liquid Assets will be updated daily at 10:00 AM IST.
FAQs
Q 1. Will the value of liquid assets change?
Liquid assets represent the portion of Zettai’s assets that are liquid and can be recalculated. The amounts shown below the rebalancing counter are indicative only and do not constitute a commitment by Zettai to any specific level or amount of rebalancing.
Liquid asset value will be updated once a day at 10 AM IST to ensure accurate and up-to-date view.
NOTE: As the value of the Liquid Assets fluctuates due to changes in token prices, the value of each Creditor’s share of the Liquid Assets (the percentage of your claim multiplied by the Liquid Assets) will also change. You can review updated details daily on the Rebalancing Calculator.
Q 2. Which tokens will be excluded from the Rebalancing counter?
The following symbols are excluded from the Rebalancing Calculator:
- Crypto deposits made after the hack.
- Ventilated signs;
- Deleted marks;
- Non-liquid assets;
- Recovered stolen tokens;
- Any token that can be derived from the cooperation of the white knights and
- Any tokens that can be received from the profit distribution of the reopened WazirX crypto exchange.
Please note that the above exclusions apply only to the Rebalancing Calculator and do not represent the final result of the proposed restructuring. All of the above are being worked on to improve creditor compensation under the proposed restructuring.
Q 3. Is there a specific time to calculate claims?
Yes, the proposed Restructuring and Rebalancing counter will accept claims on 18 July 2024 at 13:00 IST.
Q 4. Can you provide an example that helps me better understand the Rebalancing Calculator?
Yes! Here is a simple example.
Total Requirements (as of 18 July 2024 13:00 IST): 100 USDT
Your claim (as of 18 July 2024 13:00 IST): 5 USDT
% of your claim. Your Claim / Total Claims = 5 / 100 = 5%
Liquid assets (as of last day 10 AM IST): 52 USDT
Your share of liquid assets. Your claim % * Liquid assets = 5% * 52 USDT = 2.6 USDT
Disclaimer: Cryptocurrency is not legal tender and is currently unregulated. Please ensure that you carry out a 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 the official position of WazirX. WazirX reserves the right, at its sole discretion, to modify or amend this blog post at any time and for any reason without prior notice.
