The first option: to act according to the restructuring plan, approved by the high court of Singapore on January 23 in accordance with the 1967 Law, which regulates the work of companies in India. WAZIRX plans to release special “recovery tokens” for injured users along with the new decentralized exchange (DEX). These tokens should be distributed in proportion to the lost cryptoactives. Tokens can be exchanged – the platform promises to periodically make reverse ransom.
To finance payments, Wazirx also plans to use additional sources of income. To do this, the exchange will present new offers: cryptocurrency steacking, off -off trading (OTC) and cryptoderiva trading. If 75% of creditors approve of this restructuring plan, the exchange can begin the first round of repayment in April 2025.
The second option implies the elimination of WAZIRX in accordance with the Singapore Law. Payments to creditors can be postponed until 2030, since they will have to wait for the settlement of property disputes before any assets are distributed.
The proposal of the WazirX leadership was caused by a flurry of criticism from the users of the exchange. Many of them believe that WAZIRX exerts pressure on them, forcing them to accept a new plan and intimidating with a long expectation. Among some users, there are even concerns that the money intended to reimburse customers could spend on legal costs.
The Wazirch exchange was hacked in July 2024. It is assumed that the attack was made by the North Korean hacker group Lazarus. In December, the High Court of Delhi decided to conduct a new Wazirx hacking investigation due to lack of evidence.
Source: Bits
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