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Coin Edition 2025-02-04 22:30:00

WazirX Faces Make-or-Break Moment: Creditors To Decide Fate in Restructuring Vote

WazirX Faces Make-or-Break Moment: Creditors To Decide Fate in Restructuring Vote

WazirX creditors vote on a restructuring plan to recover losses from a $235M hack. If approved, trading could restart by April 2025, with payouts in 10 business days. Rejection delays payouts till 2030 and reduces creditor recovery chances. WazirX, the embattled Indian crypto exchange, faces a crucial vote on its restructuring plan. Creditors will choose whether to save the platform or trigger liquidation and prolonged repayment delays. 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 Restructuring Plan Approved Following the $235 million hack in July 2024, WazirX declared bankruptcy and is now restructuring under the Singapore High Court, planning a 52% debt settlement. The remaining 48% will be paid out gradually from future profits and recoveries of the stolen assets, among other avenues. (adsbygoogle = window.adsbygoogle || []).push({}); WazirX’s recovery efforts got a lift when the Singap… The post WazirX Faces Make-or-Break Moment: Creditors To Decide Fate in Restructuring Vote appeared first on Coin Edition .

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