WazirX Faces Make-or-Break Moment: Creditors To Decide Fate in Restructuring Vote
- WazirX creditors vote on a restructuring plan to recover losses from a $235M hack.
- If approved, trading could restart by April 2025, with payouts in 10 business days.
- Rejection delays payouts till 2030 and reduces creditor recovery chances.
WazirX, the embattled Indian crypto exchange, faces a crucial vote on its restructuring plan. Creditors will choose whether to save the platform or trigger liquidation and prolonged repayment delays.
Restructuring Plan Approved
Following the $235 million hack in July 2024, WazirX declared bankruptcy and is now restructuring under the Singapore High Court, planning a 52% debt settlement. The remaining 48% will be paid out gradually from future profits and recoveries of the stolen assets, among other avenues.
WazirX’s recovery efforts got a lift when the Singap…
The post WazirX Faces Make-or-Break Moment: Creditors To Decide Fate in Restructuring Vote appeared first on Coin Edition.
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Supreme Court Dismisses WazirX Users’ Petition Over $230 Million Crypto Heist
WazirX Faces Make-or-Break Moment: Creditors To Decide Fate in Restructuring Vote
- WazirX creditors vote on a restructuring plan to recover losses from a $235M hack.
- If approved, trading could restart by April 2025, with payouts in 10 business days.
- Rejection delays payouts till 2030 and reduces creditor recovery chances.
WazirX, the embattled Indian crypto exchange, faces a crucial vote on its restructuring plan. Creditors will choose whether to save the platform or trigger liquidation and prolonged repayment delays.
Restructuring Plan Approved
Following the $235 million hack in July 2024, WazirX declared bankruptcy and is now restructuring under the Singapore High Court, planning a 52% debt settlement. The remaining 48% will be paid out gradually from future profits and recoveries of the stolen assets, among other avenues.
WazirX’s recovery efforts got a lift when the Singap…
The post WazirX Faces Make-or-Break Moment: Creditors To Decide Fate in Restructuring Vote appeared first on Coin Edition.
Read More