September Revote to Decide WazirX Users’ Fund Recovery Fate
Singapore High Court orders revised affidavit submissions in WazirX creditor dispute, extending timelines for legal proceedings. The court directed Zettai Pte Ltd and opposing creditors, referred to as Relevant Non-Parties, to file updated documents by September 19 and 22, respectively, with written submissions due by September 26[1]. This follows a year-long delay in user fund recovery after the 2024 hack, which left over ₹2,000 crore (approx. $230 million) in assets inaccessible. The court’s directive does not require action from general WazirX users, but the exchange’s WRX token has fallen 3.47% in 24 hours, trading at $0.05084[1].
The dispute centers on Zettai’s restructuring plan, which was initially rejected by the court in June 2025 due to transparency concerns over its corporate rebranding to Zensui Corporation and relocation to Panama[2]. A subsequent reversal allowed a revote on an amended scheme, extending Zettai’s moratorium protection until September 16, 2025[2]. This decision enables creditors to approve the revised plan, which includes a 75–80% recovery token distribution and a Proof of Reserves launch post-restart[2]. The court’s earlier rejection had triggered litigation risks in India, complicating user recovery efforts[2].
Zettai’s revised process includes a Townhall for creditors to clarify the amended scheme, followed by a revote and independent verification of results[3]. If approved, Zanmai India (Zettai’s Indian subsidiary) will distribute funds within 10 business days of court sanction[3]. The Independent Assessor has already verified current holdings, but user frustrations persist over delays and limited transparency[2]. Over 93% of voting creditors supported the initial plan in April 2025, but legal challenges and Zettai’s restructuring delayed implementation[2].
The court’s latest timeline underscores the protracted nature of the dispute, with users still awaiting concrete recovery dates. WazirX’s official communication, shared on X, failed to reach all users via email, raising concerns about information dissemination[1]. The exchange’s market cap stands at $19.41 million, with a 24-hour trading volume of $32.58K[1]. Analysts note that successful restructuring could accelerate repayments and allow profit-sharing, while rejection risks liquidation and extended delays[2].
The case highlights broader challenges in crypto recovery processes, where legal complexities and corporate rebranding complicate fund distribution. Zettai’s extended moratorium and revised plan aim to address these issues, but user trust remains fragile[2]. The outcome of the September revote will be pivotal in determining the pace of recovery for over 100,000 affected investors[2].
Comentarios
Aún no hay comentarios