Recovery Efforts Restart: WazirX Presents Alternative Plan Following Court Rejection
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WazirX CEO Nischal Shetty Reveals New Recovery Plan After $230M Hack
In a surprise move, WazirX CEO Nischal Shetty has announced a revised recovery plan for the exchange, following the court’s rejection of their initial proposal. According to sources close to the matter, Shetty has confirmed that the Singapore High Court is willing to reconsider the previous plan on one condition: creditors must vote again.
The key change in the new plan lies in the entity responsible for fund distribution. Instead of Zettai, WazirX will partner with Zanmai, an Indian firm that already operates INR-crypto trading pairs on their platform. This shift is intended to ease compliance issues and accelerate the process, ultimately allowing fund distribution to commence within weeks if the proposal gains approval.
WazirX’s latest attempt at recovery comes nearly a year after the devastating $230 million hack that shook the cryptocurrency community. Although Shetty has assured the public of his team’s readiness to move swiftly once the vote is concluded, many users are still reeling from the previous fiasco and remain skeptical about WazirX’s ability to follow through on their promises.
As the exchange moves forward with its revised proposal, it remains to be seen whether this new approach will ultimately restore trust in the embattled platform. Despite past controversies, the potential approval of this plan could mark a crucial turning point for one of India’s largest crypto recovery cases.
In related news, Pi Network Wallet has reportedly moved 2.8 million tokens from OKX, while Shiba Inu’s social activity has spiked by an astonishing 126% overnight. Additionally, Pump.fun has secured $1.3 billion in funding and repurchased PUMP worth a staggering $2.3 million.
Stay tuned for further updates on this developing story and other relevant crypto news!
Source: coinpedia.org
