WazirX Announcements

We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors. Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with innovative features to enhance user experience and provide a more robust platform. The relaunch prioritizes fairness, efficiency, and enhanced services for all Scheme Creditors. Thank you for your patience and support 🙏

How will Recovery Tokens (RTs) be used? As part of the Scheme, Scheme Creditors will receive RTs on a pro-rata basis based on their Approved Claims. RTs provide access to: • Surplus sharing • Recoveries from Illiquid and Stolen assets • Potential market-driven upside Determined amounts from the above will be used to purchase RTs in accordance with the Scheme, ensuring Scheme Creditors benefit from future recoveries and price appreciation. This creditors-first approach is designed to maximize recoveries and align long-term value with market opportunities. Further details are included in the draft Scheme document in the affidavit shared via email on 10th December 2024.

On Dec 6, Zettai Pte Ltd filed an application with the Singapore High Court to convene the Scheme Meeting— a critical step toward initiating distributions under the proposed Scheme expediently. What makes the Scheme of Arrangement the best possible solution? ✅ Fastest recovery solution ✅ Fair and equitable for all Scheme Creditors ✅ Legally binding Once the Scheme is approved by the requisite majority of Scheme Creditors and sanctioned by the Singapore Court, an initial distribution of net available liquid assets will commence within 10 Singapore business days of the Scheme becoming effective. Read more 👉 https://wazirx.com/blog/scheme-of-arrangement-filed-with-the-singapore-court/

📢 Update on Asset Rebalancing We are currently in the process of rebalancing tokens. As part of this, you may notice fund movements between various cold wallets. The temporary consolidation of assets is a necessary step before final allocations to secure cold wallets. Once the rebalancing and wallet management efforts are complete, we will share a comprehensive list of all cold wallets and the respective tokens held. Thank you for your patience and trust.

FAQ: Is the USD30m Cost Reserves an expansion of the initial USD12m fund? A: The USD30m cost fund (“Cost Reserves”) is an extension of the initial USD12m (“Restructuring Cost Fund”) set aside to fund the restructuring process until a Scheme is effective. The Cost Reserves were not generated by taking an additional USD18m from the assets of the restructuring. Instead, through strategic treasury management, the team was able to realize an additional USD18m of value from the same set of tokens initially set aside to fund the Restructuring Cost Fund (which were worth USD12m in August / September 2024). In this way, no further tokens have been reserved from the assets of the restructuring, and the Company has at the same time secured the Cost Reserves capable of funding a successful restructuring. For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/sffaqs

📢 Update on Scheme Filing Zettai Pte Ltd has filed an application with the Singapore High Court on 6th December 2024 for leave to convene a meeting of its Creditors for the purposes of presenting and voting on a Scheme of Arrangement. Read more 👉 https://wazirx.com/blog/scheme-of-arrangement-filed-with-the-singapore-court/ Thank you for your continued patience and support 🙏

📢 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 regain access to funds and restart the platform, demonstrating our commitment to trust and transparency. The Scheme is being designed to ensure a fair and equitable resolution for all Scheme Creditors, instilling confidence in the process. In support of the Scheme, we are concurrently performing an on-chain movement of tokens to streamline custody and improve efficiency. This is a standard practice, and the assets of the platform and services provided by the platform remain secure. Transparency is at the core of our approach, which is why we are keeping you informed. Thank you for your continued patience and support 🙏

Watch this example-based explanation of how the Rebalancing Calculator works 👉 https://www.youtube.com/watch?v=O0DT4xap8II

Watch this 👉 https://www.youtube.com/watch?v=WO5K0qb5-nQ

FAQ: Will I get USDT or my token? A: The Rebalancing Calculator displays Your Claim as of 18 July 2024 at 1 PM IST in both USD and INR and Your Share of Liquid Assets, which will be made available for distribution to you upon the Restructuring Effective Date. Your Share of the Liquid Assets USD value will be distributed to you in cryptocurrency tokens, in accordance with the token denominations that represent Your Claim, as displayed on the Restructuring Calculator. The quantity of tokens will vary depending on the individual price movements of the tokens that represent Your Claim when the rebalancing occurs. For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/rcfaqs

FAQ: Why is there a difference between the investment value and the rebalancing calculator value? A: The Rebalancing Calculator displays Your Claims as of 18 July at 1 PM IST, which represents the total value of your WazirX platform crypto account balance. Your initial investment value will vary as cryptocurrency prices can fluctuate widely due to a number of market factors. Investing in cryptocurrencies involves significant risk and may result in losses.

📢 There’s some confusion or misinformation about how liquid assets are being managed. Whether it’s due to misunderstanding or malicious intent, we want you to have the facts and full clarity about the restructuring process. Here’s an example to make it clear: 1. Before the hack, let’s say the total assets were 1 BTC and 1 ETH, equally shared among 5 users. 2. At the time, 1 BTC was worth $100, and 1 ETH was worth $50, making the total value $150. Each user’s share was $30 ($150/5). 3. Unfortunately, 1 ETH was stolen in the hack. 4. Later, BTC’s price increased to $150. 5. Now, the portfolio value is back to $150 due to BTC’s price increase. Each user will still get their $30 share. This means WazirX doesn’t keep the $50 gained from BTC’s price increase. It goes to you, the users. Don’t let anyone mislead you. You deserve the truth, and we’re here to ensure you get it. The upside belongs to you ✌️

📢 Enhancements made to Rebalancing Calculator Based on community feedback, we have made some enhancements to the Rebalancing Calculator like Currency Preference. Read this blog to know more 👉 https://wazirx.com/blog/new-enhancements-to-the-rebalancing-calculator/

📢 We have received several questions from the community regarding the Rebalancing Calculator. Below is the answer to one of the most common queries: Q 1. Why does the quantity of Tokens go up and down, even when 52% of Tokens are allocated? Ans. The quantity of tokens changes as the total value of the portfolio fluctuates. When the prices of individual tokens rise or fall, the number of tokens we need to purchase during the rebalancing process to maintain the portfolio's value is affected. For example, if we currently have a $390 million unbalanced portfolio, after rebalancing, we will still have a $390 million balanced portfolio, but the distribution of tokens may vary based on market prices. So, if prices increase, the quantity of tokens may decrease, and if prices decrease, the quantity of tokens may increase. For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/rcfaqs Thank you for your continued patience and support 🙏

Here's a short video explaining how the Rebalancing Calculator works 👉 https://www.youtube.com/watch?v=qzewNsUJJkY

📢 Introducing the Rebalancing Calculator! With the Rebalancing Calculator, you will be able to see how Liquid Assets will be rebalanced to reflect the token denominations in each Creditor’s platform balance. Future updates will demonstrate how Creditors can benefit from potential market price gains on their rebalanced tokens. Access the Rebalancing Calculator here 👉 https://wazirx.com/rebalancing-calculator

📢 Fourth Townhall Announcement In this Townhall, we will introduce the new Rebalancing Calculator and discuss other value drivers that are being explored as part of the restructuring efforts. 🗓️: 6th November 2024 at 5:30 PM IST 🕠: Set a reminder 👉 https://www.youtube.com/live/NfU7Yruatdo?si=0IXWZ_cGfyj3Pj5C

📢 Introducing the Scheme Timeline Calculator The Scheme Timeline Calculator is an interactive tool designed to guide you through each step of the restructuring process. It enables users to explore scenario-based timelines and keep track of essential dates. While WazirX is dedicated to progressing as quickly as possible, certain phases depend on Singapore court schedules, particularly during the holiday season. This tool enhances transparency, keeping you well-informed throughout the journey. Access the Calculator here 👉 https://wazirx.com/scheme-timelines

📢 Scheduled maintenance is now completed. Thanks for your patience 🙏

📢 Scheduled Maintenance We will be undergoing scheduled maintenance for a system upgrade from 10 PM IST on 28th October to 3 AM IST on 29th October. Please note that all services will be unavailable during this period. Thank you for your support 🙏