WazirX Moves Closer to Resuming Operations Following Creditor Vote
- WazirX creditors approve restructuring plan for victims of $230 million July 2024 hack
- Plan passed with >93 percent creditor support, meets Singapore legal requirements
- Recovery involves payouts, tradable tokens, buybacks; avoids liquidation risk
WazirX creditors approved the crypto exchange’s restructuring plan aimed at compensating victims of the July 2024 cyberattack that resulted in $230 million in lost assets. The exchange secured strong majority support for its Scheme of Arrangement, moving closer to potentially resuming operations and starting partial asset recovery.
Creditor Vote Details and Next Steps
Over 141,000 affected users participated in the vote held via the Kroll Issuer Services platform from March 19th to 28th. WazirX reported that 131,659 creditors (93.1 percent by number) representing 94.6 percent of claim value supported the proposal. The approved claims totaled $195.65 million.
WazirX has secured over 93% approval from creditors for its voting, moving closer to partial asset recovery after its $230M hack in July 2024
Key highlights:
– 141,000+ users representing $195.65M in claims participated.
– 93.1% by count and 94.6% by value…
The post WazirX Moves Closer to Resuming Operations Following Creditor Vote appeared first on Coin Edition.
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WazirX Moves Closer to Resuming Operations Following Creditor Vote
- WazirX creditors approve restructuring plan for victims of $230 million July 2024 hack
- Plan passed with >93 percent creditor support, meets Singapore legal requirements
- Recovery involves payouts, tradable tokens, buybacks; avoids liquidation risk
WazirX creditors approved the crypto exchange’s restructuring plan aimed at compensating victims of the July 2024 cyberattack that resulted in $230 million in lost assets. The exchange secured strong majority support for its Scheme of Arrangement, moving closer to potentially resuming operations and starting partial asset recovery.
Creditor Vote Details and Next Steps
Over 141,000 affected users participated in the vote held via the Kroll Issuer Services platform from March 19th to 28th. WazirX reported that 131,659 creditors (93.1 percent by number) representing 94.6 percent of claim value supported the proposal. The approved claims totaled $195.65 million.
WazirX has secured over 93% approval from creditors for its voting, moving closer to partial asset recovery after its $230M hack in July 2024
Key highlights:
– 141,000+ users representing $195.65M in claims participated.
– 93.1% by count and 94.6% by value…
The post WazirX Moves Closer to Resuming Operations Following Creditor Vote appeared first on Coin Edition.
Read More
Supreme Court Dismisses WazirX Users’ Petition Over $230 Million Crypto Heist