The cyberattack on 18 July 2024 resulted in a large volume of ERC-20 tokens being stolen, which affected the token assets of the platform in an inconsistent manner as non-ERC-20 tokens were unaffected and remain under the platform’s control.
This has caused the token assets of the platform to be significantly out of balance from user token balances shown on the WazirX platform, which represent contingent unsecured claims against Zettai.
A Scheme is necessary to facilitate a legally binding, equitable, and creditor-approved approach to the distribution of token assets.