WazirX Recovery Scheme Voting: March 19-28

New Delhi, Feb 12 (PTI) Zettai Pte Ltd on Wednesday said the voting process for the scheme of arrangement for its cryptocurrency platform WazirX has been tentatively scheduled from March 19-28, 2025.

Last month, the Singapore High Court granted permission to Zettai Pte Ltd to convene a meeting with WazirX users to discuss a scheme aimed at expediting the recovery of over USD 230 million in stolen assets.

The above-mentioned meeting (online) took place on Wednesday evening.

The said scheme establishes a structured approach for reorganising the liabilities associated with WazirX to optimise returns for all platform users.

It includes the issuance of recovery tokens (RTs) and the distribution of recoveries through RT purchase mechanisms.

Beyond the initial distribution, the scheme envisions additional distributions over three years, funded through, among others, illiquid wallet and stolen asset recoveries and net shared profits generated from future operations. These distributions will be facilitated through the purchase of Recovery Tokens issued to Scheme Creditors.

There is also a plan for reactivation of the WazirX platform, featuring new capabilities and the launch of a decentralised exchange (DEX).

During the voting phase, WazirX users will vote in favour or against the Scheme with a simple Yes/No button on the third-party Kroll Issuer Services voting platform, the results of which will be evaluated by the Independent Assessor Alvarez & Marsal, according to a company statement.

The scheme will become effective when it is approved by the requisite majority of creditors and is sanctioned by the Singapore court.

If approved, creditors (users) will receive initial payments as defined in the scheme within 10 business days after the plan becomes effective.

"After obtaining the necessary court approvals to sanction the scheme, the first distribution is envisaged to be completed within less than a year of the withdrawal freeze in July 2024, setting a new benchmark in crypto crisis management and recovery," the statement said.

WazirX has already frozen an initial tranche of stolen assets worth USDT 3 million, as of January 2025. It is working with blockchain forensics firm zeroShadow and law enforcement agencies to track and recover more stolen funds.

In July 2024, WazirX parent firm Zettai Pte suffered a theft in which over USD 230 million was stolen from its platform. The crypto heist, the largest of its kind in India, had prompted a thorough examination of security measures and eroded sentiments around the decentralised world of cryptocurrencies.