The WazirX team recently confirmed that the hearing date for Zettai’s application for leave to convene a meeting of its creditors has been set for 22 January 2025. This comes after the popular crypto trading exchange faced a major setback in July 2024 when its cold wallet was exploited by an unknown hacker, potentially linked to the North Korean group Lazarus. As a result, 45% of the customer’s funds were lost.
Currently, the WazirX leadership is in a Singapore court with their lawyers, seeking regulatory approval to restart the exchange’s services despite facing a lack of funds liquidity. On 3 January 2024, the WazirX team addressed questions regarding the current developments surrounding the exchange and confirmed the upcoming hearing for Zettai’s application.
If the Singapore court grants Zettai’s application, the WazirX team explained that Zettai will proceed with the rest of the Scheme process. This includes holding a meeting of WazirX creditors to propose the Scheme and allow creditors to vote on it. The team also mentioned that funds distribution to customers would occur within 10 business days following the effective Scheme Date.
In a recent tweet, WazirX provided FAQs around the Restructuring Scheme, clarifying the expected timeline for creditors and the Court’s approval. The Effective Scheme Date is subject to Court timelines and the Scheme process, indicating that fund distribution may not occur until the first week of March 2025.
It’s important to note that while the timeline outlined by WazirX seems straightforward, any hurdles or challenges in the process could potentially delay the fund distribution date further. As the situation continues to unfold, crypto traders and stakeholders are eagerly awaiting updates on the progress of WazirX’s restructuring efforts.