WazirX finally addressed the elephant in the room, sharing the proposed scheme process for resuming withdrawals, following the major hack, resulting in a staggering loss of Rs. 2000 crores in cryptocurrencies.
On December 19, 2024, WazirX shared its own timeline, announcing that crypto withdrawals are expected to resume by mid-April 2025.
Zettai, another crypto entity managing creditor claims, has released a detailed Proposed Scheme Process Timeline to resolve this financial situation through a court-approved scheme of arrangement.
Zettai Proposed Scheme Process Timeline
Zettai’s Proposed Scheme Process Timeline lays out the step-by-step actions required to address its financial obligations to creditors. The plan is subject to court approval but includes several measures to ensure creditor participation and transparency.
Zettai will seek court permission to convene a creditors’ meeting. This marks the start of the process, referred to as “Day H,” on January 27, 2025.
Following this, the preliminary list of creditors will be published by February 7, allowing creditors to review their balances. On the same day, notices will be issued explaining how creditors can access their balances, view the preliminary list, participate in an online webinar, and submit disputes or claims.
Zettai will arrange town hall on February 12 to guide creditors through the process, followed by an online webinar on the 18th date to explain the scheme’s terms and financial outcomes.
From February 7 to 18, creditors can submit disputes or additional claims, which will be adjudicated by an independent assessor, by February 27.
Zettai will then publish an updated list of creditors by March 4. The voting period for creditors to cast their votes on the proposed scheme will run from March 4 to 13, with inspection requests.
The independent assessor will verify the votes and adjudicate inspection requests, with deadlines for adjudication on March 12 and verification of votes by March 21. After five days, Zettai will announce the voting results and, if the scheme receives majority approval, fill for court sanction by April 7, 2025.
Despite WazirX’s promise of resuming crypto withdrawals by mid-April 2025, many creditors are frustrated by the lengthy timeline. The proposed scheme of arrangement, which involves rebalancing and distributing liquid assets, is seen as a slow process, with expected payouts not occurring until March/April 2025.
To sum up, both WazirX and Zettai have laid out plans to address their financial issues and resume withdrawals. However, many creditors feel the recovery process is too slow, leaving them disappointed with the delays in getting their funds back.
Also Read: WazirX Status Report by Delhi Police Trashed by Delhi HC
