Live Update: WazirX says users will get 85% of their portfolio within 10 business days once the scheme is effective
In today’s townhall, WazirX exchange mentioned that they have wrapped up its rebalancing process, and creditors can expect to recover an average of 85.5% of their balances—if the scheme gets the green light. The exchange said it has done the best it can to optimize fund recovery, ensuring a fair distribution of assets.
Once the scheme is effective, the first payout from the rebalanced assets will be rolled out within 10 business days. This brings some clarity for creditors waiting to get their funds back, marking a key step in WazirX financial restructuring.
Live Update: WazirX says they don’t need 4.4 million votes, they just need 75% majority votes of those present in the voting
During a crucial townhall session ahead of the voting to get their restructuring scheme approved by court, the WazirX management claimed that they don’t actually require all 4.4 million users to vote. They just need 75% majority votes for the scheme to be approved by “majority of creditors present and voting.”
Earlier, the exchange management through Nischal Shetty has claimed that they are trying to reach out to as many users as possible.
Also Read: What Bybit Did Right After $1.5 Billion Hack and What WazirX Could Learn?
Live Update: Voting, Transparency & User Funds: WazirX Faces Tough Questions Today
WazirX exchange has announced that the voting for its 4.4 million users in India will be conducted by Kroll Information Services (KIS), a legal firm that has been hired by the management, to streamline the restructuring scheme proposed by WazirX to the Singapore Court.
Incidentally, the KIS has been paid legal fee out of the WazirX user funds, which puts them at ‘conflict of interest’ with the voting process. Several users of WazirX have pointed out at this alleged conflict of interest, claiming that the voting process cannot be counted as transparent or independent as long as Kroll is involved.
As voting kicks off from March 19-28, this townhall is the last big chance for users to get real answers. Will WazirX step up? We’ll find out soon enough.
Also Read: “What Independent Voting?” WazirX Users on Kroll’s Conflict of Interest
Live Update: WazirX to hold crucial townhall session on YouTube to discuss voting details
Ahead of the crucial voting for its 4.4 million users, WazirX exchange management is all set to hold a townhall session on YouTube from 5:30 pm IST on Monday, wherein they are expected to share crucial details about the voting process.
If the majority of the voters approve the restructuring scheme proposed by WazirX management, the exchange promises to restore at least 85% portfolio of its users by April-May 2025, almost 10 months after WazirX was hit by a massive cyber hack of Rs 2000 crores. WazirX has promised to restore the remaining 15% portfolio funds of its customers by the next 3-4 years.
WazirX users can watch the live Townhall session on YouTube on this link.
Also Read: WazirX legal partner Kroll to hold voting of users from March 19-28
