It seems the esteemed Indian cryptocurrency exchange WazirX has gotten itself into a bit of a pickle 🤪. A $235 million hack has left the company scrambling to repay its creditors, and they’re warning that if their proposed restructuring plan isn’t approved, those poor souls might be waiting until 2030 to get their assets back 🕰️.
On Feb. 4, WazirX posted an image showing two possible outcomes for creditors affected by the hack. If the plan is approved, the company claims it can start the repayment process as early as April 2025, relaunch its platform, and distribute the first round of repayments 📈. Oh, and they’ll also launch a new decentralized exchange (DEX) business and repay creditors through profit sharing and recovering stolen assets 🤑.
But, if the repayment scheme is rejected, the company warns that creditors might need to wait for up to five more years before finally getting their assets back 😱. Because, you know, nothing says “good business practice” like keeping people’s money hostage for half a decade 🤑.
CryptoMoon approached WazirX for comments, but it seems they were too busy trying to salvage their reputation to respond 🙄.
WazirX says rejecting the scheme may delay repayments to 2030 🕰️
If the restructuring plan isn’t approved, WazirX claims creditors might need to endure “unclear and potentially extended timelines” 🤔. Because, you know, who needs transparency and clear communication in business? 🙄
The exchange says that creditors will need to wait for their ownership dispute to be resolved before they can be repaid 🤝. And if liquidation occurs before that, the asset repayment will be delayed, in fiat, and of lower value because of liquidation costs 📉.
“As fiat is distributed, market price driven upside following distributions is unlikely,” WazirX wrote 📊. Which is just a fancy way of saying “you’re probably going to lose money” 😂.
WazirX also claims that users could miss “near-term bull runs” because of the unclear and extended timelines 📈. But hey, who needs to make a profit when you can just wait five years for your money back? 🙄
Singapore High Court approves WazirX restructuring plan 🙌
On Jan. 23, the Singapore High Court approved the WazirX restructuring plan 📜. The court supported restructuring over liquidation, noting that quick distributions would be the best outcome for users 🤑.
Under the plan, the company estimates that users may recover up to 80% of their balances 📈. The exchange plans to repay affected users by introducing recovery tokens 📈. These tokens represent claims and allow creditors to benefit from recovered assets and future platform profits 🤑.
WazirX will conduct a voting process that is expected to conclude in three months 🕰️. If a majority vote is reached, net liquid assets will be distributed to users based on their claims within 10 days 📈.
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2025-02-04 17:22