Wazirx creditors can begin to receive their robbed cryptography from April, or 2030, based on the result of a voting scheme, scheduled for the coming weeks.
The creditors of the Pirated Indian cryptographic exchange will have to vote whether to approve the restructuring scheme. If the majority, or more than 75% by value of the voting creditors, vote that yes, the scheme will enter into force in April 2025, as previously approved by a Singapore court, the company said in an X position.
If the scheme is approved, the platform is scheduled to restart commercial operations, with initial payments promised within 10 business days after the activation of the scheme, including the distribution of net liquid assets.
Part of the refund plan is to launch a decentralized exchange (DEX), problem recovery tokens that can be negotiated and carried out a periodic repurchase of recovery tokens using platform profits and new sources of income.
However, if the scheme is not approved, the failure restructuring plan and the process moves towards the liquidation under section 301 of the Singapore Companies Law, which can lead to a sale of asset and creditors fires that receive Less compensation, since assets are sold at possibly lower values. .
The process could be less favorable for creditors due to delays and reduced asset value, Wazirx said in its publication.
Wazirx, once the largest cryptographic exchange in India by merchant volumes, was pirated by the North Korean hacker team Lazarus in July 2024 and saw more than $ 230 million of stolen user funds from the platform.
The hacker washed all the stolen funds to several directions that use tornado cash to obscure transactions, as Coindesk reported in September, further damping the hopes of a complete recovery.
Wazirx, still recovering from financial and reputation damage, has worked to recover funds with limited success. He has faced criticism for his crisis management, especially in relation to user communication and fund recovery processes.
He presented a moratorium in the Singapore courts and received the approval of the Court for a restructuring plan in January for the recovery of the creditors, avoiding the total liquidation.
