Last year, WazirX, an Indian crypto exchange, suffered a major hack, losing around $235 million of user funds. This forced them to halt withdrawals, leaving users’ money stuck. But there’s good news!
A Restructuring Plan Gets Approved
WazirX has been working on a restructuring plan to get users their crypto back. They recently held a revote on an amended plan, and it passed with a whopping 95.7% approval! This is even higher than the initial vote’s 93.1% approval rate.
Why a Revote?
The original plan hit a snag. The Singaporean company managing WazirX’s funds couldn’t get the plan approved by the Singapore High Court due to some compliance issues. So, they went back to the drawing board.
The Changes
The revised plan shifts responsibility for handling user withdrawals from the Singaporean entity (Zettai PTE LTD) to WazirX’s Indian parent company, Zanmai Labs. This change addressed the compliance concerns. The revote was to get user approval for this change.
What’s Next?
WazirX has already resubmitted the amended plan to the Singapore High Court. They’re aiming to restart operations within 10 business days of the court’s approval. Founder Nischal Shetty expressed confidence in the process, highlighting its fairness and transparency.
Another Exchange Hacked
It’s worth noting that another Indian crypto exchange, CoinDCX, was recently hit by a $44 million hack – almost exactly a year after the WazirX incident.
(Note: The information about Bitcoin price has been omitted as it’s not directly related to the main topic of the article.)/p>