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Elena R
Elena R
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Dec 07, 2024 05:51 UTC
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WazirX Proposes Settlement Plan to Recover From Hack: Will Creditors Approve?
WazirX has filed in Singapore court to convene creditors and propose a plan to settle financial disputes.
WazirX emphasizes transparency and fairness in the proposed scheme, aiming to rebuild trust with stakeholders.
To streamline asset management, WazirX is conducting an on-chain token swap.
WazirX is taking important steps to regain platform functionality and rebuild stakeholder trust. Founder Nischal Shetty recently shared an update on Twitter, revealing that the company has filed a petition with the Singapore court to order a meeting with creditors. This marks a major move toward resolving the exchange’s financial issues.
The filing clears the way for a Scheme of Arrangement, a legal process that will allow creditors to approve a plan for settling WazirX’s outstanding financial disputes. This plan is crucial to restoring the platform’s services to users.
WazirX has made it clear that the Scheme will be fair and equitable to all creditors. The company is committed to creating a transparent process that inspires confidence. WazirX aims to keep all stakeholders involved and informed throughout the process.
On-Chain Token Swap and Asset Security
During the implementation of the Scheme, WazirX has been doing an on-chain token swap to simplify and optimise asset holding and management. To address the issue, the exchange told its users and clients that platform assets do stay safe; this is common practice, the statement prepared for dissemination to the public noted.
What’s Next for Creditors and WazirX
WazirX has committed to providing creditors with detailed documents outlining the Scheme next week. This will give creditors time to review the proposal. The company has promised to maintain transparency and keep all stakeholders updated at each stage of the process.
This is an important step for WazirX as it works to address creditor concerns and recover from the aftermath of the cryptocurrency market crash. The exchange is focused on rebuilding its reputation and ensuring that users remain engaged.
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Will Creditors Get Their Funds Back?
The success of WazirX’s plan depends on whether the creditors approve the proposal. Whether they will recover their funds or continue to fight for justice remains uncertain. Only time will tell if WazirX can successfully navigate this challenging situation.
With the Scheme of Arrangement in motion, WazirX has taken a significant leap toward putting the pieces back together—now, all eyes are on the outcome.
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