WazirX’s parent firm seeks Singapore court’s nod to recover users’ stolen assets
WazirX’s parent company, Zettai, has approached the Singapore High Court to obtain approval for a meeting with creditors regarding a recovery plan. This follows a significant $230 million crypto theft in July 2024. The proposed scheme aims to offer a fair recovery for WazirX users, with creditors voting on it. Zettai believes that liquid assets will enable full recovery of users’ claims, and additional efforts, such as the issuance of Recovery Tokens, are underway to ensure further asset recovery.
Table of Contents
The Crypto currency broker, which lost $230 million in a cyberattack in July, is seeking approval from the Singapore High Court for a restructuring plan. The plan aims to help users recover their stolen assets. The parent company, Zettai, is working on a scheme to manage the recovery process, with creditors set to vote on it if the court grants permission. For further details, you can read more on this issue.
Zettai, the parent company of WazirX, is seeking the Singapore High Court’s approval for a restructuring scheme to recover $230 million lost in a July cyberattack. The proposed plan includes a creditor vote and the issuance of recovery tokens. This step aims to recover the stolen assets and manage the impact on WazirX users.
Zettai Pte Ltd, the parent company of WazirX, has filed for approval to initiate a restructuring scheme aimed at recovering over $230 million in stolen assets following a cyberattack on the platform in July. The scheme involves creditor voting and measures to expedite recovery for affected users.
Also Read:https://coveragezone31.com/bondada
Zettai, the parent company of WazirX, has filed for approval of a restructuring scheme under the Companies Act 1967 to recover over $230 million lost in a cyberattack. The plan includes a transparent recovery and distribution process. After court approval, creditors will vote on the scheme, requiring 75% approval by value to take effect.
Following a four-month moratorium granted by the Singapore High Court in September, Zettai filed for approval of a restructuring scheme to recover over $230 million lost in a cyberattack. If approved, creditors will vote on the plan, with distributions starting within 10 business days. Subsequent payouts will be tied to ongoing asset recovery efforts.
Under the proposed restructuring scheme, WazirX creditors will also receive recovery tokens. These tokens will allow creditors to benefit from the potential upside of the ongoing cryptocurrency bull market while recovering their outstanding claims. The scheme aims to facilitate a more balanced and potentially profitable recovery for affected users.
Key Features of the proposed scheme
- The proposed scheme for WazirX’s asset recovery includes swift initial distributions to creditors, with a portion of claims paid within 10 business days after approval.
- It also involves recovery tokens tied to asset retrieval, collaboration with forensic experts for aggressive recovery.
- Regular transparency reports, and the launch of a decentralized exchange (DEX) to generate new revenue streams for the recovery pool. These steps aim to accelerate the recovery process while providing ongoing value to creditors.
The WazirX cyberattack on July 18 2024
The WazirX cyberattack, which occurred on July 18, resulted in the theft of over $230 million in digital assets, causing the exchange to lose nearly 45% of its holdings. A man, SK Masud Alam, was arrested in connection with the attack for setting up a fake account. WazirX, one of India’s leading cryptocurrency exchanges, serves over 15 million users and offers services for trading various cryptocurrencies. Courtesy by https://www.indiatoday.in/
