Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12837
Markets: 99741
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12837
Cryptocurrencies
60.66%
Bitcoin Share
coinpedia 2025-02-04 14:26:49

WazirX Users Face Tough Choice: Accept New Plan or Wait Until 2030 For Refund

WazirX Users Face Tough Choice: Accept New Plan or Wait Until 2030 For Refund

The post WazirX Users Face Tough Choice: Accept New Plan or Wait Until 2030 For Refund appeared first on Coinpedia Fintech News WazirX, India’s largest cryptocurrency exchange, has put its users in a difficult position. Almost 6 months after a massive $235 million hack , it is asking users to make a hard choice: agree to a new recovery plan or wait until 2030 to get their funds back. Two Straight Forward Paths for Creditors WazirX’s latest plan has outlined two options for its users The first is to approve a new restructuring plan, which includes launching a decentralized exchange (DEX) and issuing recovery tokens. Two paths, two very different outcomes. Here's a breakdown of what happens if the Scheme is approved versus if it isn't. Understand what to expect in both scenarios as we approach the voting process. pic.twitter.com/ZcXpC8g79Q — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) February 4, 2025 If 75% of creditors vote in favor of the plan, the exchange will restart operations in April 2025, with initial payouts beginning within 10 business days. The r ecovery tokens can be traded, and the platform promises periodic buybacks using profits and new revenue streams. The second option is far less appealing. If the plan is rejected, WazirX will move toward liquidation under Singapore’s Companies Act. This process could result in a fire sale of assets, potentially leaving users with significantly less compensation due to lower asset values and delays. Backlash From the Crypto Community The proposal has sparked a lot of criticism, especially in the Indian crypto community. Many users feel that WazirX is pressuring them into accepting the new plan by threatening a long wait for recovery. They argue that the plan isn’t a real solution but a way for WazirX to benefit from the situation. There are also worries about how the remaining funds are being used. Some users have claimed that money intended to reimburse them has been spent on legal fees, making the situation even more frustrating for those affected. The Aftermath of the Hack Wazirx was hacked in July 2024 by the North Korean group Lazarus. Over $230 million in user funds were stolen, with the hackers using Tornado Cash to obscure transactions. The exchange, which lost over 40% of its assets during the hack, has kept operations suspended in hopes of finding a solution. But rather than simply offering a direct reimbursement, the exchange has tied the recovery process to a new business venture that has many of its users questioning the fairness of the approach.

Most Read News



Cryptohopper
Market Cap
24h Vol
60.66%
Bitcoin Share
0
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.