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Zettai seeks court approval for WazirX creditors meeting and scheme of arrangement

Economic Times

Economic Times · 11m ago

Zettai seeks court approval for WazirX creditors meeting and scheme of arrangement

Zettai Pte Ltd, the company in charge of managing crypto assets for WazirX, has applied to the Singapore High Court to convene a meeting of WazirX creditors. If approved, the meeting will discuss and potentially approve a scheme of arrangement. The scheme aims to provide a structured roadmap for creditor recovery. Once permitted by the court, Zettai will present the proposed scheme to creditors for voting, which requires majority approval and court sanction. The affidavit filed by Nischal Shetty, director of Zettai, supports the application. The court is yet to hear the matter.

Related News

WazirX $230-million heist: Singapore court allows WazirX parent to hold meet with crypto users

Economic Times

Economic Times · 9m ago

WazirX $230-million heist: Singapore court allows WazirX parent to hold meet with crypto users

The Singapore High Court has allowed Zettai Pte Ltd, WazirX's parent company, to hold a meeting with affected users to propose a recovery scheme for the USD 230 million stolen in a July 2024 cyberattack. The plan includes issuing recovery tokens and a potential platform relaunch. The court found no evidence implicating Zettai in the attack and granted a 16-week moratorium. Approval from creditors and the court is needed for the plan to take effect.

WazirX Plans To Resume Trading, Launch New Decentralised Exchange

Inc42 · 1y ago

WazirX Plans To Resume Trading, Launch New Decentralised Exchange

WazirX, a cryptocurrency trading platform, is planning to resume trading by implementing a Singapore scheme of arrangement. The scheme aims to provide liquidity and additional recoveries to WazirX users through rebalancing and tokenisation. Additionally, Zettai Pte Ltd, the company behind WazirX's crypto assets, will be launching a decentralised exchange (DEX) as a means to initiate recoveries.

Crypto’s legal tangles seem as mystifying as digital asset itself

Economic Times

Economic Times · 1y ago

Crypto’s legal tangles seem as mystifying as digital asset itself

Users of the troubled cryptocurrency platform WazirX have discovered that they are considered "unsecured creditors" of the Singapore company Zettai. The relationship between WazirX and Zettai is complex, but it has come to light that some of the platform's top users are seeking to protect their privacy. The lack of clear regulation around cryptocurrencies has made it difficult for WazirX users to determine how long it will take to recover their funds or which cryptocurrencies can be salvaged. The platform is now looking for a "white knight" to provide rescue financing.

ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock

Economic Times

Economic Times · 5m ago

ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock

WazirX, an Indian cryptocurrency exchange, faced a setback when the Singapore High Court dismissed a restructuring plan by its parent company, Zettai Pte Ltd, after a $235 million cybertheft. The court ruled the proposal invalid as Zettai isn't registered in India. WazirX plans to appeal. The cyberattack, potentially linked to North Korean hackers, attracted FBI interest. Meanwhile, India may soon introduce policy discussions on cryptocurrency frameworks.

WazirX To Reopen INR Balance Withdrawals Starting Aug 26

Inc42 · 1y ago

WazirX To Reopen INR Balance Withdrawals Starting Aug 26

Indian cryptocurrency exchange, WazirX, has announced that users will only be able to access 66% of the funds in their wallets. The remaining 34% of INR balances are currently frozen due to ongoing disputes and investigations by enforcement agencies. WazirX plans to file an application in the High Court of Singapore to allow the platform time to pursue a restructuring under a scheme of arrangement.

Singapore Court Blocks WazirX Parent Zettai’s Restructuring Bid!

StartupTalky

StartupTalky · 5m ago

Singapore Court Blocks WazirX Parent Zettai’s Restructuring Bid!

The Singapore High Court rejected the restructuring plan of WazirX's parent, Zettai, following a significant cyber theft. The court's decision was influenced by Zettai's failure to disclose its subsidiary, Zensui's incorporation in Panama, and its plans to not register with the Financial Intelligence Unit-India. This could delay asset allocation to creditors. Despite the setback, WazirX respects the court's decision and may appeal. Laws require digital token service providers to obtain licenses or cease operations by June 30.

WazirX files moratorium application with Singapore court under insolvency act, seeks to restructure liabilities | Mint

Livemint

Livemint · 1y ago

WazirX files moratorium application with Singapore court under insolvency act, seeks to restructure liabilities | Mint

Zettai Pte Ltd, the parent company of WazirX crypto exchange, has filed for a moratorium with the High Court of Singapore following a hacking attack that led to the loss of $230 million in crypto assets. The moratorium will give the company time to develop a restructuring plan to address users' cryptocurrency balances on the platform and facilitate recovery for users. The company will receive an automatic 30-day moratorium period, during which the High Court will decide whether to grant the request. The financial impact of the cyberattack will be allocated among users who rank equally as unsecured creditors.

BYJU’S Alpha sues Byju Raveendran, Divya Gokulnath over alleged ‘fraudulent transfer’ of $533M

YourStory

YourStory · 7m ago

BYJU’S Alpha sues Byju Raveendran, Divya Gokulnath over alleged ‘fraudulent transfer’ of $533M

BYJU’S Alpha has sued BYJU'S founder, co-founder, and an advisor, accusing them of orchestrating a fraudulent scheme to misappropriate $533 million in loan proceeds. Filed in the US Bankruptcy Court, the lawsuit aims to hold them accountable for breaching fiduciary duties and misleading creditors. Following a prior court ruling against related entities, the lawsuit seeks damages for breaches, conversion, and civil conspiracy, while demanding an accounting of the transferred funds.

WazirX To Set Up Committee Of Creditors After $234 Mn Hack

Inc42 · 1y ago

WazirX To Set Up Committee Of Creditors After $234 Mn Hack

- WazirX forms a committee of creditors (CoC) after suffering a $234 Mn hack - The committee will be comprised of 10 members, including affected users, to provide advice and feedback on the restructuring plan - A Singapore court has granted WazirX a conditional four-month moratorium - The cryptocurrency exchange is rushing to restructure its liabilities following the hack - The committee formation deadline is set for October 9th

WazirX $230million hack: Creditors given two ways to recover stolen crypto -- ’extended delays till 2030 or...’ | Company Business News

Livemint

Livemint · 9m ago

WazirX $230million hack: Creditors given two ways to recover stolen crypto -- ’extended delays till 2030 or...’ | Company Business News

Indian cryptocurrency exchange WazirX, following a $230 million hack, offers two recovery options for users: approving a restructuring scheme to receive stolen funds by April 2025 or extending delays until 2030 if not approved. The scheme involves debt restructuring and token distribution. If approved, WazirX would resume operations, distributing assets and potentially collaborating for recovery. Without approval, liquidation could delay asset distribution and result in lower returns due to costs.

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