WazirX

📢 We have received several questions from the community regarding the Rebalancing Calculator. Below are answers to some 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. Q 2. Why does rebalancing result in a different number of tokens for my 52% recovery share? Ans. The 52% recovery is based on USD value, not the number of tokens. The quantity of tokens that make up this USD recovery depends on the token's price at the time of rebalancing. For example, if token prices rise, fewer tokens are needed to match the USD value of your 52% share. Conversely, if token prices fall, more tokens will be required to maintain the same USD value. Although prices may have increased significantly, making the USD recovery value greater than 52%, the underlying logic remains consistent. 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 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://lnkd.in/d_dY3Vw9

📢 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://lnkd.in/dgVQZHY6 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://lnkd.in/diHj_Qbh

📢 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://lnkd.in/d5vhnrnF

📢 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 🙏

📢 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://lnkd.in/dGj487d5

📢 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://lnkd.in/dR_WrCti

📢 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 🙏