When Can You Withdraw Funds from WazirX? Find Out Here

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As a seasoned crypto investor who has navigated through bull markets, bear markets, and everything in between, I find myself grappling with yet another challenging situation – the WazirX hack and subsequent delays in resuming withdrawals.

At long last, WazirX has spoken up about the obvious issue at hand, revealing their plan for reinstating the ability to make withdrawals, which was halted after the significant hack that led to the misfortune of a whopping 200 crore rupees worth of cryptocurrencies.

WazirX revealed their roadmap on December 19, 2024, indicating that cryptocurrency withdrawals should become available again around mid-April 2025.

Clearly, Zettai – a cryptocurrency intermediary dealing with creditor claims – has made public a comprehensive Proposed Timeline for the Scheme Process. This timeline outlines a court-endorsed plan of arrangement aimed at resolving the financial predicament in a judicial manner.

Zettai Proposed Scheme Process Timeline

Zettai’s Proposed Roadmap for Implementation details each action necessary to meet financial commitments to creditors. Although this plan is contingent on court confirmation, it incorporates multiple strategies to foster creditor involvement and promote openness.

  • 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.

Although WazirX assured crypto withdrawals resumption by mid-April 2025, numerous creditors express their dissatisfaction due to the extended timeframe. The proposed arrangement scheme, which involves readjusting and distributing liquid assets, is perceived as a lengthy process, with payments not anticipated until March/April 2025.

In essence, both WazirX and Zettai have proposed strategies to tackle their financial predicaments and reactivate withdrawal services. Nonetheless, several depositors are expressing frustration due to what they perceive as a sluggish recovery pace, as they’re yet to receive their funds in a timely manner.

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2024-12-19 22:28