The WazirX team confirmed that the hearing date for Zettai’s application for leave to convene a meeting of its creditors is fixed for 22 January 2025.
WazirX was a popular crypto trading exchange among Indian crypto traders. In July 2024, this crypto exchange’s cold wallet was exploited by an unknown hacker, potentially linked to North Korea having group Lazarus, & lost 45% of the customer’s funds. Currently, WazirX leadership is engaged in a Singapore court with its lawyers to get regulatory approval to restart the exchange’s services despite lacking funds liquidity.
On 3 Jan 2024, The WazirX team responded to the questions related to current developments around the WazirX exchange and confirmed that the hearing for Zettai’s application for leave to convene a meeting of its creditors and this hearing is fixed for 22 Jan.
According to the WazirX team, if the Singapore court grants Zettai’s application then Zettai will proceed with the rest of the Scheme process, which includes holding a meeting of WazirX creditors to propose the Scheme and allow the creditors to vote for the Scheme.
Furthermore, the WazirX team claimed that the distribution of funds to the customers would be done within 10 business days following the effective scheme Date.
Now, here, the main question is: what is the effective scheme date? Some people claimed that it will be 1 Feb & after Exchange will start distributing funds but in reality, this information is wrong because even if the WazirX leadership secured court permission for Zettai’s application then there will be at least 10 days time frame in which WazirX leadership will plan for the meeting with creditors & further 10 days to allow customers to vote for the proposed restructuring scheme and after that if the creditors approve then within next 10 days exchange will start distribution of funds. So here we can say even if everything happens smoothly, February 2025 will not be the fund distribution month, but in the first week of March, it may be possible.
Here, people need to know that we are not considering any kind of hurdles or challenges in the whole process, but if any road bump occurs, then surely it will badly extend the period to see the exact fund distribution date.
Read also: Which Country Leads in Bitcoin Adoption: USA, El Salvador or Bhutan?
