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WazirX Users Face Tough Choice: Accept New Plan or Wait Until 2030 For Refund
WazirX, India’s largest cryptocurrency exchange, has put its users in a difficult position. Almost six 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.
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.
Source: coinpedia.org
