Wazirx Hack victims must vote on a recovery plan or face years of uncertainty

Crypto Exchange wazirx gave the victims of her penetration of $ 235 million to recover their money through the proposed restructuring plan, but the schedule depends on the creditor’s approval.
According to the February 4 announcement From what was once one of the largest coded currency trading platforms in India, creditors have two options, one of them can delay payment until 2030.
The stock exchange in Mumbai obtained the recovery plan approved by the Singapore Court on January 23, after submitting a request for restructuring subject to supervision of the court to avoid liquidation.
The plan was approved under the company’s law. 1967, which organizes and sets guidelines about the operation of companies in India.
Option 1
Under the first plan, if the creditors agree to the current restructuring proposal, the stock exchange may start in the first round of the payment process early April 2025 using the profit sharing form and restore the stolen and non -liquid wallet assets.
As part of the recovery efforts, the stock exchange plans to issue recovery codes for affected users along with a new central exchange, with part of the fees created for use to finance recovery efforts.
Wazirx plans to take advantage of additional revenue flows by offering new offers, such as Crypto Staking, OTC office, and future trading platform, to finance plugs.
Part of the stock exchange’s future revenues will also be allocated to the re -purchase program for recovery symbols to help users recover more of their missing assets over time.
Wazirx will also explore partnerships with White Knight investors and external supporters ready to inject new capital at work to support restructuring efforts.
At the same time, the distinctive symbols that third parties keep and cooperate with the application of the law will sell to recover the stolen and non -liquid assets, ensuring that the funds are secured for creditors.
The decision to move forward is based on creditors, who have three months to vote on the restructuring plan.
If the majority approval is reached, Wazirx will distribute clear liquid assets within 10 days of the conclusion of the vote.
Option 2
However, if the plan is rejected, the payment may be delayed until 2030, where creditors should wait for the settlement of ownership disputes before the distribution of any assets.
Royal conflict centers are taking place on the 2019 disputed Wazirx acquisition, which is a leading global encryption currency exchange.
Binance repeated that the acquisition has never been complete and that it does not have any shares in the Zanmai laboratories, the entity that operates Wazirx.
Wazirx indicated that due to the nature of the acquisition agreement with Binance, the parenting entity residing in Singapore, Zettai PTE LTD, does not get revenues or profits created on the platform, and therefore cannot contribute to the recovery process.
Another risk involved in the second option is that if Wazirx is forced to liquidate before the property dispute is resolved, the asset distributions will be greatly delayed and subject to additional legal and administrative costs.
The Stock Exchange warned that walking on this road may lead to a decrease in FIAT payments, and the creditors may receive only a small part of their original property.
Meanwhile, the disturbing users were not happy with the company that forced their hands, as many called for the restructuring plan to a fraud.
🚨 wazirx forced users to a fraud process! 🚨 They want you to accept a 60-70 % loss while ignoring better solutions like Coindcx was ready to buy Wazirx and distribute money to users, but Wazirx ignore the offer. The government is silent, and wazirx uses fear tactics. 📢 …
Some also He accused the exchange of opposition After noting that the comments were disabled in the publication of the February 4 advertisement on X, with the presentation as an attempt to avoid general audit.
Beyzirx Hack victims should vote on a recovery plan or face years of uncertainty first appeared on Invezz