As WazirX moves ahead with its proposed Restructuring Scheme and the voting deadline nears, reactions within the community remain divided. The plan, which could return approximately 85% of assets to users, has gradually attracted support despite initial scepticism.
In a recent social media post, co-founder Nischal Shetty stressed the urgency of restoring user access to funds, particularly given potential market opportunities under the crypto-friendly U.S. administration. His message garnered substantial engagement from the platform’s user base.
“We will VOTE #YES and pass the Scheme. If you are doing hard for us, then we will favor you,” wrote one supportive user, while another praised WazirX’s efforts towards expediting the process, ensuring users don’t miss out on the upcoming market bull run.
Several community members have also begun examining the proposal through the lens of bankruptcy regulations, with some concluding the offer represents a reasonable compromise given the circumstances. Supporters like eVakeel argue that WazirX could have simply filed for bankruptcy protection – potentially leaving users with nothing – rather than developing and defending a recovery strategy under public scrutiny.
The recovery plan has gradually gained momentum within influential crypto circles. Industry voices have emphasized that an 85% recovery rate significantly outperforms typical outcomes in similar situations, suggesting users might fare worse through protracted legal proceedings.
If approved, WazirX’s approach could establish a blueprint for troubled exchanges facing similar challenges. A successful implementation would demonstrate that regulatory-compliant restructuring represents a viable alternative to bankruptcy, potentially benefiting both the platform and its users.
Conversely, rejection could trigger extended litigation, potentially reducing ultimate recovery amounts while significantly delaying any fund access. Despite the differing opinions, one thing remains clear: emotions are running high, and WazirX’s fate now largely rests on how the majority of users choose to vote on the Scheme. While some see this as the best available option, others remain skeptical, demanding faster withdrawals and more immediate solutions.
The voting outcome expected in the coming days will likely determine not just WazirX’s trajectory but also influence industry practices for managing similar crises.
