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The official announcement channel of WazirX - Building India's most trusted Bitcoin & Cryptocurrency exchange
📢 There’s some confusion or misinformation about how liquid assets are being managed. Whether it’s due to misunderstanding or malicious intent, we want you to have the facts and full clarity about the restructuring process. Here’s an example to make it clear:
1. Before the hack, let’s say the total assets were 1 BTC and 1 ETH, equally shared among 5 users.
2. At the time, 1 BTC was worth $100, and 1 ETH was worth $50, making the total value $150. Each user’s share was $30 ($150/5).
3. Unfortunately, 1 ETH was stolen in the hack.
4. Later, BTC’s price increased to $150.
5. Now, the portfolio value is back to $150 due to BTC’s price increase. Each user will still get their $30 share.
This means WazirX doesn’t keep the $50 gained from BTC’s price increase. It goes to you, the users.
Don’t let anyone mislead you. You deserve the truth, and we’re here to ensure you get it. The upside belongs to you ✌️
📢 We have received several questions from the community regarding the Rebalancing Calculator. Below is the answer to one of the most common queries:
Q 1. Why does the quantity of Tokens go up and down, even when 52% of Tokens are allocated?
Ans. The quantity of tokens changes as the total value of the portfolio fluctuates. When the prices of individual tokens rise or fall, the number of tokens we need to purchase during the rebalancing process to maintain the portfolio's value is affected.
For example, if we currently have a $390 million unbalanced portfolio, after rebalancing, we will still have a $390 million balanced portfolio, but the distribution of tokens may vary based on market prices. So, if prices increase, the quantity of tokens may decrease, and if prices decrease, the quantity of tokens may increase.
For more detailed answers to additional FAQs, please read our updated blog here 👉 https://wrx.gg/rcfaqs
Thank you for your continued patience and support 🙏
📢 Introducing the Rebalancing Calculator!
With the Rebalancing Calculator, you will be able to see how Liquid Assets will be rebalanced to reflect the token denominations in each Creditor’s platform balance. Future updates will demonstrate how Creditors can benefit from potential market price gains on their rebalanced tokens.
Access the Rebalancing Calculator here 👉 https://wazirx.com/rebalancing-calculator
📢 Introducing the Scheme Timeline Calculator
The Scheme Timeline Calculator is an interactive tool designed to guide you through each step of the restructuring process. It enables users to explore scenario-based timelines and keep track of essential dates. While WazirX is dedicated to progressing as quickly as possible, certain phases depend on Singapore court schedules, particularly during the holiday season. This tool enhances transparency, keeping you well-informed throughout the journey.
Access the Calculator here 👉 https://wazirx.com/scheme-timelines
📢 Scheduled Maintenance
We will be undergoing scheduled maintenance for a system upgrade from 10 PM IST on 28th October to 3 AM IST on 29th October. Please note that all services will be unavailable during this period.
Thank you for your support 🙏
📢 Disclosure of 240,000+ wallet addresses pursuant to debt restructuring process
At WazirX, we’ve always believed that transparency is key to building and maintaining trust with our users. Today, we’re taking another step forward in that journey by sharing something important, an affidavit that includes the details of approximately 240,000 wallets with balances. This affidavit will be filed with the High Court of Singapore today as directed and will also be provided to creditors in the ongoing restructuring of Zettai Pte Ltd.
For more details, please read the blog 👉 https://wazirx.com/blog/disclosure-of-240000-wallet-addresses-pursuant-to-debt-restructuring-process/
📢 Third Townhall Announcement
Join us to learn about the formation of the Committee of Creditors (COC) and its roles and responsibilities in the restructuring process.
🗓️ 4th October 2024 at 1:30 PM IST
🕜 Set a reminder 👉 https://www.youtube.com/live/CzOm_nM3UeY?si=svI5aOipCvggBl9k
📢 WazirX Granted Four-Month Moratorium by Singapore Courts
In a crucial decision, the Singapore courts have granted WazirX a four-month moratorium, affirming the company's compliance with the legal and procedural requirements under Section 64 of the IRDA. This decisive court ruling highlights WazirX's commitment to act swiftly and responsibly in the interests of all stakeholders.
The court noted that from the onset of the proceedings, WazirX has actively engaged with creditors. The court acknowledged WazirX’s prompt response in filing for the moratorium. This action paves the way for the fastest, creditor-approved, and legally binding resolution to restore crypto balances, ensuring a fair and timely outcome for all stakeholders.
As part of the court's conditions, WazirX will make wallet addresses public via a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinized by independent parties.
The court has recognized WazirX’s proactive steps and our dedication to formulating a quick and effective scheme of arrangement. We are working diligently with our advisors and stakeholders to develop a comprehensive plan that addresses the needs of parties involved. WazirX appreciates the court's trust and confidence in our actions.
WazirX will continue to provide updates on our progress and further developments. We are steadfast in our commitment to resolve this matter efficiently and equitably 🙏
In an effort to simplify things, we've addressed one of the most frequently asked questions in this video: How does the Moratorium Process work?
Watch this 👉 https://youtu.be/HD6RygEDQDs?si=Tqo4xqjRXg3jvJq3
📢 We’ve heard your feedback and are enhancing the options for supporting our Moratorium Application.
In addition to “Yes, I support,” we’ll soon introduce options for “No” and “No Position.”
More details will be shared shortly. Thank you for your continued engagement 🙏
📢 INR Withdrawals Phase 2 Starts Early!
Starting today, all eligible users can now withdraw up to the full 66% limit of their INR balances.
Originally scheduled for 9th September, we’ve moved this up to provide quicker access. Thank you for your continued patience and support 🙏🏻
📢 Moratorium Application Filed in Singapore Court
We wish to update all users of the WazirX Platform that we have taken the next step to address users' crypto balances following the 18 July 2024 cyberattack by filing for a moratorium with the Singapore High Court under the Insolvency, Restructuring and Dissolution Act 2018. This will provide the necessary space to restructure crypto liabilities of the Platform through a Scheme of arrangement.
A townhall will be held in the week commencing 2 September 2024 to explain key features of the moratorium and the Scheme. Further details in respect of this townhall will be provided in the coming days and users will be given the opportunity to submit questions in advance of the townhall 🙏
Read more for details 👉 https://wazirx.com/blog/wazirx-moratorium-application-filed/
👋 tribe! We understand that our decision to pursue this restructuring path may raise some concerns, but we want to emphasize that it is the most expedient and legally sound approach to addressing the current crypto-related issue.
We believe this direction is in the best interest of our platform users, allowing us to move forward efficiently. Unfortunately, there are external parties, not invested in the platform, who may attempt to prolong this situation for their own reasons. Their intention appears to be maintaining uncertainty rather than finding a resolution.
Our primary goal is to assist our users in recovering as much as possible while simultaneously exploring ways to enhance value. Please be assured that we are continuously evaluating all available options, but as previously noted, these solutions require time and patience.
Moreover, we are actively pursuing various legal avenues and bounty programs to recover stolen assets. These efforts are ongoing, and we remain fully committed to achieving the best possible outcome for our users.
We will provide more details regarding the restructuring process next week. Please keep in mind that this is not a bankruptcy or liquidation—those paths would take several years to resolve. We encourage caution against certain individuals who may attempt to guide you toward those options for their personal gain.
It is regrettable that some are trying to exploit this situation for their own engagement. We encourage everyone to focus on achieving the most effective and quick resolution, which is through restructuring.
Thank you for your patience and understanding 🙏
📢 INR and Crypto next steps
We understand you are awaiting clarity on INR and crypto next steps. Our team is finalizing this, and we will share the next steps with everyone tomorrow.
Thank you for your patience and understanding 🙏
Google Subsidiary Mandiant confirms WazirX Laptops were not compromised in the cyberattack.
Mandiant, a leading cybersecurity firm, and Google subsidiary has confirmed that the laptops used by WazirX team members during the recent $230M cyberattack were NOT COMPROMISED.
This conclusion marks a crucial milestone in our ongoing investigation and reaffirms our commitment to securing our systems. The findings are the result of a rigorous and comprehensive process, which we have diligently undertaken since the attack. They have been shared with law enforcement and other investigative agencies to aid in the recovery of stolen assets. We remain committed to full transparency and are working closely with global partners to protect our community and build a safer crypto ecosystem for all.
Read more details here 👉 https://wazirx.com/blog/google-subsidiary-mandiant-certifies-wazirx-laptops-were-not-compromised/
📢 Enhancements made to Rebalancing Calculator
Based on community feedback, we have made some enhancements to the Rebalancing Calculator like Currency Preference.
Read this blog to know more 👉 https://wazirx.com/blog/new-enhancements-to-the-rebalancing-calculator/
Here's a short video explaining how the Rebalancing Calculator works 👉 https://www.youtube.com/watch?v=qzewNsUJJkY
Читать полностью…
📢 Fourth Townhall Announcement
In this Townhall, we will introduce the new Rebalancing Calculator and discuss other value drivers that are being explored as part of the restructuring efforts.
🗓️: 6th November 2024 at 5:30 PM IST
🕠: Set a reminder 👉 https://www.youtube.com/live/NfU7Yruatdo?si=0IXWZ_cGfyj3Pj5C
📢 Scheduled maintenance is now completed.
Thanks for your patience 🙏
📢 Proof of Reserves is now live
In line with our commitment to transparency, you can now verify wallet addresses and review asset balances through our Proof of Reserves.
Click here 👉 https://wazirx.com/proof-of-reserves
Note: A Proof of Reserves dashboard with dynamically updated data by CoinGabbar (a renowned platform for tracking crypto assets) will be available soon.
For more details, please read the blog 👉 https://wazirx.com/blog/wazirx-publishes-proof-of-reserves-for-october-2024/
Here's how the Committee of Creditors (COC) will be fairly formed to represent creditors' interests in the restructuring process.
Читать полностью…
📢 Formation of Committee of Creditors (COC)
We're in the process of forming a Committee of Creditors (COC) to represent creditors' interests in the proposed restructuring of Zettai Pte Ltd. The COC will play a critical role in providing feedback, monitoring progress, and facilitating communication between creditors and the company.
Here are answers to a few key questions:
1. What is the COC's purpose?
The COC will represent creditors and act as a consultative body to provide feedback on the restructuring process.
2. How will COC members be selected?
COC members will be chosen based on a transparent selection process, ensuring fair representation across creditor pools.
3. What are the roles and responsibilities of COC members?
COC members will represent all creditors, attend meetings, and provide input on creditor preferences, progress, and restructuring.
For full details on the COC formation process, please read the blog 👉 https://wazirx.com/blog/announcement-formation-of-a-committee-of-creditors/
Watch this 👉 https://youtu.be/dbvQK4CSS_g?si=NCCTZywg_UVqsh4p
Читать полностью…
📢 Second Townhall Announcement
Join us at the Townhall to discuss the draft restructuring proposal and for a walk through and explanation of the worked examples.
🗓️ 16th September 2024 at 3:30 PM IST
🕞 Set a reminder 👉 https://www.youtube.com/live/GRllabwqit0?si=KVlVwF-3psqm44H2
We've received many questions around the Moratorium Application. In this blog, we have updated the FAQs section with relevant answers. We'll continue to update this blog with answers as we receive more questions.
Read here 👉 https://wazirx.com/blog/wazirx-moratorium-application-filed/
📢 First Townhall Announcement
Join us at the Townhall to discuss the proposed restructuring and Moratorium Application.
🗓️ 2nd September 2024 at 1.30 PM IST
🕜 Set a reminder 👉 https://www.youtube.com/live/DPT9VZ9yhE4?si=MK6nPpZNnSVYOjEa
📢 INR Withdrawals Phase 1 Now Live
All eligible users can withdraw up to half of the available 66% limit of their INR balances.
We have also reduced withdrawal fees by 60% – from INR 25 to INR 10 to make this process easier for you. Thank you for your continued patience and support 🙏
📢 Important Announcement About INR Withdrawals and Crypto Next Steps
The last month has been a difficult time for users of the WazirX platform due to the cyberattack on 18 July 2024 and the subsequent suspension of withdrawals and trading to mitigate impact to the platform. We apologize for this delay which has been necessary to assess the situation and establish credible next steps to optimize a resolution for users.
Over the last few weeks, the WazirX team has been working tirelessly with its partners to work out a plan and we are pleased to inform all users of next steps to address the two main user concerns: cryptocurrency balances and INR balances.
Read more 👉 https://wazirx.com/blog/announcement-2/
👋 tribe! Please note that all open orders currently placed on WazirX will be canceled. Any INR and crypto assets blocked in these open orders will be added to your respective balances.
This step is part of our ongoing efforts to resolve the issue surrounding INR and crypto balances on the platform.
Thank you for your continued patience and support 🙏
📢 Important Update:
We will share the conclusive findings from the independent third-party forensic analysis within the next 24-48 hours.
Thank you for your patience as we work through this. Stay alert for more updates 🙏