🌠Dear Tribe! 🙏

⭕Zettai Pte Ltd filed an application with the Singapore High Court on December 6, 2024, for leave to convene a meeting of its creditors to present and vote on a Scheme of Arrangement (“Scheme“).

⭕The Scheme is aimed at providing the users of WazirX (“Scheme Creditors“), who are unsecured contingent Creditors of Zettai, with quick and fair recovery. This move will enhance transparency, rebuild trust, and stabilize the #exchange.

⭕Fast Relief for Creditors

💵The proposed Scheme, filed in the Court under mainly the Companies Act 1967 on December 6, 2024, prioritizes creditors by outlining a structured roadmap for recovery. If the Court grants leave for Zettai to convene a meeting of its Scheme Creditors, Zettai will be able to put the proposed Scheme before its Scheme Creditors for a vote.

A Scheme will only become effective if it is approved by the requisite majority of the Scheme Creditors and is sanctioned by the Singapore Court.

⭕Zettai has reached this stage with the confidence to propose a Scheme following the Singapore High Court’s decision on September 26, 2024, to grant a four-month moratorium. This period allowed Zettai to focus on resolution, recovery, and restructuring—representing a proactive response from the company to stabilize operations and enable fund distribution after the theft of over US$230 million (INR 1900 crore) on July 18, 2024.

📡Key Highlights of the Scheme🎯:

⭕Swift Initial Distributions: Creditors will receive an initial distribution of available liquid assets within 10 Business Days of the Scheme becoming effective. This ensures Scheme Creditors get a portion of their validated claims quickly.

⭕Recovery Tokens: Scheme Creditors will further receive Recovery Tokens. These will be redeemed systematically with the Platform’s recovery efforts. 

⭕Aggressive Asset Recovery Efforts: Zettai is actively collaborating with forensic specialists and authorities to retrieve stolen assets. Recovered funds will be used to redeem Recovery Tokens, providing further recovery. 

⭕Transparency in Process: Zettai commits to regular 4-monthly reporting on asset recovery efforts and financial health, ensuring stakeholders remain fully informed throughout the process.

⭕New Revenue Streams: Zettai plans to launch a decentralized exchange (DEX), with any profits from the DEX contributing to the recovery pool.

🙏We are doing everything possible to recover the assets and restart the Platform. We also want to thank our users for their patience and support during this challenging time.

#wazirx #binance