WazirX urges creditors to approve restructuring plan or face delays
WazirX has warned creditors that repayments from the recent $235 million hack could face delays until 2030 if they reject the proposed restructuring plan, which has received approval from the Singapore High Court. The exchange outlined two potential outcomes for creditors: if the restructuring is approved, WazirX could start repaying as soon as April 2025 and initiate a new decentralized exchange. However, rejection of the plan could extend the repayment timeline and lead to uncertainties regarding ownership disputes. WazirX cautioned that liquidation before resolving ownership issues might result in lower-value repayments due to liquidation costs. The court's approval aimed at providing a quicker solution for affected users, suggesting that introducing recovery tokens may enable users to benefit from reclaimed assets and future profits. A voting process for creditors is set to take place over the next three months, with a majority vote necessary for asset distribution.
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