tl;dr
The Singapore High Court has approved Zettai Pte Ltd's request to convene a meeting with creditors of the crypto exchange WazirX, allowing the company to present its restructuring proposal. The court also granted a 16-week moratorium to shield Zettai from legal actions while it seeks to implement th...
Singapore High Court has approved Zettai Pte Ltd's restructuring proposal for WazirX post-hack revival. The approval includes a 16-week moratorium and emphasizes transparency and creditor recoveries.
The proposal entails reorganizing debts, distributing liquid assets, issuing recovery tokens, and relaunching WazirX with enhanced features. This aims for a favorable outcome and sets a potential legal framework model in Singapore.
Zettai Pte Ltd's request to convene a meeting with WazirX creditors has been approved, allowing the company to present its restructuring proposal. A 16-week moratorium has been granted to shield Zettai from legal actions while implementing the plan.
The plan involves reorganizing debts, distributing liquid assets to creditors, and issuing recovery tokens. The creditors' meeting will be held online, with Zettai urging support for the scheme, seen as a test of Singapore's legal framework for resolving complex financial disputes in the digital asset space.
The court also granted a 16-week moratorium, shielding Zettai from legal actions while it seeks to implement the plan. Allegations of complicity in the cyberattack were dismissed due to a lack of evidence. The plan involves reorganizing debts, distributing liquid assets to creditors, and issuing recovery tokens.
The court also permitted adjustments to the meeting process to encourage broader participation among WazirX users. Allegations of complicity in the cyberattack were dismissed due to a lack of evidence.
WazirX founder Nischal Shetty expressed optimism about the proposal, stating that it offers the best chance for creditors to regain their assets and for the platform to rebuild. The plan involves reorganizing debts, distributing liquid assets to creditors, and issuing recovery tokens designed to facilitate further asset retrieval. It also includes relaunching the WazirX platform with enhanced features, such as a decentralized exchange, and allocating future profits toward creditor recoveries over the next three years.
Zettai has urged creditors to support the scheme, noting that it offers a more favorable outcome than alternative options. Analysts see Zettai’s efforts as a test of Singapore’s legal framework for resolving complex financial disputes in the digital asset space.