WazirX crypto exchange Unveils Balance Snapshot for Transparency
WazirX crypto exchange announced the release of a preliminary creditor list and a balance snapshot page within its application as part of its ongoing restructuring process.
| Key Takeaways: – WazirX crypto exchange released a creditor list and balance snapshot page. – If approved, repayments may start in April 2025 through profit-sharing and asset recovery, but rejection could delay payouts for up to five years. |
Creditors can now check their claim amounts in USD using their unique UUID, with the list organized in descending order by claim value. A search function and a “Find My Balance” feature provide easy access to individual claims.
Additionally, creditors can view claims from other users through an inspection request, ensuring greater visibility into the restructuring proceedings. The balance snapshot page displays user balances as of 13:00 (IST) on July 18, 2024, including token holdings and subsequent deposits.
Previously, the WazirX crypto exchange warned creditors about potential delays in repayments following a $235 million hack. The exchange stated that if its proposed restructuring plan is approved, repayments could begin as early as April 2025, with an initial distribution and the launch of a new decentralized exchange business. The plan includes repaying creditors through profit-sharing and asset recovery initiatives.
However, if the proposal is rejected, creditors may face delays of up to five years before recovering their funds. The High Court of Singapore has intervened in the matter, approving WazirX’s restructuring plan on January 23.
Under the approved plan, creditors may recover up to 80% of their balances through recovery tokens tied to future asset recovery and platform profits.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
