Indian cryptocurrency exchange WazirX has received a significant boost. A Singapore court has approved a recovery scheme aimed at returning users’ funds.
WazirX, which operates under parent company Zettai Pte Ltd in Singapore, sought the court’s help to navigate this crisis. With the court’s nod, the focus now shifts to the next crucial step: a customer voting process.
To proceed, WazirX needs approval from more than 51% of its users. There are about 4.2 million victims affected by the hack, and their voices will determine the path forward. An independent entity will oversee the voting, which must be completed within four months. The voting period will last 10 days, ensuring transparency and fairness.
Once the vote concludes, an audit by the court will confirm the results. If the majority approves the recovery plan, users can expect to access their funds within 10 days. However, this is contingent upon successful Know Your Customer (KYC) verifications.
Currently, about 55% of the deposits on WazirX are safe and ready for return. This recovery scheme is an important step for the exchange to regain trust among its users. The hack has left many users anxious about their investments, but this approval offers a glimmer of hope.
WazirX aims to communicate clearly with its users throughout this process. They understand the importance of transparency and are working diligently to ensure a smooth recovery. The exchange is aware that rebuilding trust will take time, but it is committed to doing what it takes.
As the voting date approaches, users are encouraged to stay informed. This is their chance to have a say in the recovery of their funds. With the court’s backing, WazirX is poised to move forward, but user participation is needed.
In conclusion, the court’s approval marks a significant milestone for WazirX. It sets the stage for a democratic process where users can reclaim their funds. This is a crucial moment for the cryptocurrency community, demonstrating resilience in the face of adversity.
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