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Highlights
- WazirX criticizes external groups for hindering restructuring efforts
- Legal restructuring initiated in Singapore for fair resolution
- WazirX resumes INR withdrawals from Monday after the hack
WazirX cryptocurrency exchange recently announced its strategic decision to pursue a restructuring path amidst ongoing crypto hack issues. The company approach is aimed at effectively navigating current challenges.
Despite the chosen route, the crypto exchange pointed out that certain external parties are attempting to derail the process, potentially prolonging the uncertainty for other reasons.
WazirX Slams External Parties Prolonging Restructuring Plans
In a recent post on X, WazirX openly criticized certain external entities for their attempts to extend the duration of its restructuring process. The firm asserts that the efforts are motivated by a desire to maintain uncertainty, complicating the resolution that WazirX aims to achieve.
This announcement comes after a crypto hack in July, during which the Exchange lost $230 million worth of ERC-20 tokens.
Additionally, the exchange details that these unidentified parties’ objectives are not aligned with the interests of WazirX or its users. These actions threaten to disrupt the swift and efficient recovery process that the company has been advocating since the incident.
Phased Plan for Financial Recovery
Following the disruption caused by the crypto hack, the exchange has laid out a phased plan to restore financial operations and ensure the security of user assets. Starting Monday, the exchange will begin reinstating INR withdrawals in stages.
More so, the strategy is part of a broader restructuring initiative, including a 60% reduction in withdrawal fees. This aims to ease users’ financial burden during this transitional period.
The recovery plan balances the need for immediate access to funds while maintaining security protocols against further vulnerabilities.
Legal Steps to Boost User Trust
In response to the challenges posed by the crypto hack, the Indian crypto exchange has also embarked on a legal restructuring pathway, choosing Singapore’s jurisdiction for this process. The process involves a Scheme of Arrangements approved by the court. This allows the company to negotiate fair and equitable terms for all affected parties.
This legal approach provides a structured framework for asset distribution and ensures that the resolution adheres to stringent legal standards.
WazirX, however, assured users that efforts are ongoing and that they remain committed to achieving the best outcome for them, promising a detailed restructuring plan next week.
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