CryptoMediaClub
Sunday, June 1, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

WazirX Parent Firm Moves to Organize Creditor Meeting for User Recovery Plan

10.12.2024
A A
0
118
VIEWS
ShareShare

WazirX parent firm Zettai announced Tuesday that it applied with the Singapore High Court on Dec. 6, seeking permission to hold a meeting with creditors to present a recovery scheme.

The scheme aims for “quick and fair recovery” after WazirX’s $230m crypto theft on July 18.

This scheme, a process under Singapore’s Insolvency, Restructuring and Dissolution Act 2018, helps restructure the company’s debts or liabilities. It offers a framework for creditors to decide on managing or distributing the company’s assets, helping prevent severe outcomes like liquidation.

WazirX Users’ Claims at Stake as Creditors Prepare to Vote on Recovery Scheme

If the court allows Zettai to hold a meeting with its creditors, Zettai can present the proposed scheme for voting. The scheme will take effect only after gaining approval from the required majority of creditors and securing the Singapore court’s sanction.

📢 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… pic.twitter.com/eN7o3RKeHn

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 5, 2024

Creditors will then vote on the proposed scheme, deciding the potential recovery amount for WazirX users’ claims.

Zettai said it is confident in proposing the scheme after the Singapore court granted a four-month moratorium on Sept. 26, which allowed the firm to focus on resolution and recovery.

WazirX Parent Assures Creditors Full USD Claim Recovery with Liquid Asset Surplus

As of July 18, total claims stand at 546.47M USDT, while liquid assets are valued at 566.39M USDT. With liquid assets exceeding total claims in USD terms as of that date, creditors are well-positioned for full recovery of their USD-equivalent claims, with potential for additional returns, the company said.

Under the proposed scheme, Zettai will distribute liquid assets to creditors within 10 business days of the scheme taking effect.

Additionally, Zettai will issue “Recovery Tokens” to creditors, redeemable as part of the platform’s recovery efforts. The company is collaborating with forensic specialists and authorities to recover stolen assets, which will fund the redemption of these tokens, offering further recovery opportunities.

Further, Zettai pledged to provide updates every four months on asset recovery progress and financial health.

Looking ahead, Zettai plans to launch a decentralized exchange (DEX), with profits from the DEX contributing to the recovery pool.

The post WazirX Parent Firm Moves to Organize Creditor Meeting for User Recovery Plan appeared first on Cryptonews.

Share9Tweet6ShareSharePin2

Related Posts

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations
All news

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations

01.06.2025
0

Key Takeaways: BitMEX uncovered major security flaws in North Korea’s Lazarus Group. A rare IP leak exposed a hacker’s location...

Read moreDetails
WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

01.06.2025
Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

01.06.2025
JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

01.06.2025
Load More
Next Post
Ethereum Researcher Max Resnick Shifts to Solana, Citing Disagreements with Ethereum’s Roadmap

Ethereum Researcher Max Resnick Shifts to Solana, Citing Disagreements with Ethereum’s Roadmap

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Korean crypto firm raises $140M, China’s $1.4T AI sector, Huobi battle: Asia Express

Korean crypto firm raises $140M, China’s $1.4T AI sector, Huobi battle: Asia Express

1 year ago
Dogecoin Price Poised to Double – Will This Key Resistance Level Trigger a 100% Rally?

Dogecoin Price Poised to Double – Will This Key Resistance Level Trigger a 100% Rally?

9 months ago
Ripple Transfers 100 Million XRP Amid Regulatory Scrutiny

Ripple Transfers 100 Million XRP Amid Regulatory Scrutiny

8 months ago
Ethereum Classic (ETC) Faces Resistance at $15.60: Traders Eye Shorting Opportunities

Ethereum Classic (ETC) Faces Resistance at $15.60: Traders Eye Shorting Opportunities

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment

BlackRock’s IBIT Sees $430M Outflow, Ending 31-Day Inflow Streak

Trending

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations
All news

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations

01.06.2025
0

Key Takeaways: BitMEX uncovered major security flaws in North Korea’s Lazarus Group. A rare IP leak exposed...

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

01.06.2025
Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

01.06.2025
JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

01.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz