WazirX Answers When and How Creditors Can Receive Their Funds
- WazirX explains creditors will receive their funds following court’s approval on the upcoming hearing scheduled for 22 Jan.
- Creditors can withdraw their funds in their preferred crypto tokens supported by the exchange.
The WazirX hack has become one of the most controversial topics of 2024, involving a theft of over $230 million funds. All the users who lost funds in this hack have been waiting for this issue to resolve for several months. The time seems to come where WazirX distributes funds to all eligible creditors through its restructuring scheme.
FAQs around Restructuring Scheme
Q1: What is the expected timeline for the creditors and the Court's approval of the restructuring scheme? When can creditors expect to receive their funds?
A: The Effective Scheme Date is subject to Court timelines and the Scheme process.… pic.twitter.com/KK8AvNS3bz
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 3, 2025
In a latest post on X, WazirX explained the first effective restructuring scheme date is subjected to court timelines. The restructuring scheme is yet to gain court approval to convene a creditors’ meeting, which is scheduled to take place 22nd of this month. Once the court grants approval, the exchange will continue with the rest of the funds distribution process.
The first distribution of net liquid platform assets will take place 10 business days after the effective scheme date. Even though the restructuring process seems to be complex, WazirX is doing everything it can to achieve the best possible resolution at the earliest. Based on the fifth town hall meeting of WazirX timelines, users can expect crypto withdrawals by April this year.
Another renowned crypto exchange in India, CoinDCX stepped in to assist WazirX to resolve the issue. Even though they cannot take any direct action as per Singapore laws, co-founders Sumit Gupta and Neeraj Khandelwal showed their support in recovering the funds.
WazirX Plans to Have a Fresh Start With Exchange Re-open and a DEX Launch
WazirX plans to reactivate the exchange platform after the first distribution of rebalanced net liquid platform assets. However, it emphasized that their priority is to maximize recoveries for scheme creditors. In line with their priorities, WazirX plans to pursue new business initiatives to enhance creator recoveries.
In another announcement from the exchange platform’s on X, WazirX revealed its plans to have a fresh start with enhanced services. After the scheme approval, they plan to reopen the WazirX exchange and launch a decentralized exchange (DEX) platform.
The exchange has also answered some of the frequently asked questions on its website for users. Overall, the exchange is doing its best to resolve the issue and maximize recoveries for scheme creditors. However, all the creditors are supposed to wait for a few more months to be able to withdraw their funds.
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