WazirX Creditors Consider Trading Revival Plan

WazirX Creditors to Vote on Restructuring Plan Post $235 Million Hack

• WazirX creditors will vote on a restructuring plan following a $235 million hack in July 2024.
• The plan proposes a 52% immediate debt settlement, with the remaining 48% from future profits and asset recoveries.
• If approved by at least 75% of creditors, trading could resume by April 2025, with payouts starting within 10 business days.
• If rejected, WazirX may undergo liquidation under Singapore’s Companies Act, delaying repayments until potentially 2030.
• WazirX plans to launch a decentralized exchange (DEX) and introduce recovery tokens as part of its recovery measures.

The decision on the restructuring plan will significantly impact WazirX’s future operations, determining whether it resumes trading or faces liquidation. The outcome hinges on creditor approval to facilitate faster fund recovery.