Following their Fifth Town Hall on December 19, 2024, WazirX, one of India’s leading cryptocurrency exchanges, announced a timeline for resuming withdrawals, following a devastating hack that led to a staggering loss of ₹2,000 crores in cryptocurrencies. In a move to regain user trust, the exchange revealed that crypto withdrawals are expected to restart by mid-April 2025.

This announcement comes in tandem with Zettai, a financial entity managing creditor claims related to the hack. Zettai has released a Proposed Scheme Process Timeline aimed at resolving the financial turmoil through a court-approved scheme of arrangement. The plan, designed to ensure transparency and creditor participation, is currently awaiting court approval.

Zettai Proposal of Scheme Process Timeline:

The timeline kicks off with an important milestone, “Day H,” scheduled for January 22, 2025, when Zettai will seek court permission to convene a creditors’ meeting. Following this, a preliminary list of creditors is set to be published by February 7, allowing creditors to review their balances. On that same day, notices will outline how creditors can access their balances, participate in an online webinar, and submit any disputes or claims.

To facilitate understanding of the process, Zettai will host a Town Hall on February 12, followed by an online webinar on February 18 to explain the scheme’s terms and financial implications. Creditors will have the opportunity to submit disputes or additional claims from February 7 to 18, which will be adjudicated by an independent assessor by February 27.

The updated list of creditors will be published by March 4, with a voting period for creditors to approve the proposed scheme running from March 4 to 13. The independent assessor will verify the votes, aiming to announce results by March 26. If approved, Zettai plans to file for court sanction by April 7, 2025.

Despite WazirX’s optimistic outlook for resuming withdrawals, many creditors are expressing frustration over the drawn-out timeline. The recovery efforts, which involve complex processes of rebalancing and distributing liquid assets, have left creditors disappointed, with payouts not expected until March or April 2025. As the situation unfolds, the crypto community remains watchful, eager for resolution amidst ongoing uncertainty.