“WazirX Secures 95% Creditor Approval, Moves Closer to Fund Release”

“WazirX Secures 95% Creditor Approval, Moves Closer to Fund Release”

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WazirX Secures Overwhelming Support in Second Restructuring Vote

Majority of Creditors Back the Plan

WazirX, one of India’s leading cryptocurrency exchanges, has received massive support from its users in the latest restructuring vote. More than 95% of creditors approved the amended restructuring plan, clearing the way for legal approval and a quicker return of frozen funds.

The voting was conducted between July 30 and August 6, 2024, and was open to users who held positive balances as of July 18, 2024. According to Zettai Pte Ltd., the company overseeing the process, the results showed strong confidence among WazirX’s community.

Out of 149,559 scheme creditors, nearly 143,190 voted in favor. This represents 95.7% by headcount and 94.6% by value of claims, which is far above the required thresholds under Singapore law. The approved claims accounted for more than $206.8 million, showing how large and important this decision is for the exchange and its users.

Stronger Numbers Than Before

This was the second round of voting, and the outcome turned out to be even better than the first. Participation levels were higher by nearly 2.7%, reflecting growing confidence in WazirX’s restructuring roadmap.

Under Singapore regulations, companies only need to secure a majority of voters by number and at least 75% by claim value. WazirX’s overwhelming support not only cleared these requirements but also gave the management a clear signal to move forward without resistance.

Independent assessors from Alvarez and Marsal, Joshua Taylor and Henry Anthony Chambers, verified the vote and confirmed the results through an official report.

A Boost of Confidence for Users

For users who had their funds stuck, this strong backing means one step closer to regaining access. WazirX’s Amended Scheme of Arrangement now heads to the Singapore Court for approval. If the court sanctions the plan, the exchange has promised to release crypto balances within 10 business days, marking a major milestone in its recovery journey.

This news brings hope to thousands of customers who had been waiting for months to recover their frozen balances.

Leadership Response

Nischal Shetty, the founder of WazirX, welcomed the outcome and expressed gratitude to the users. He said the support shows that people trust the platform’s strategy and the way it has handled the crisis.

According to Shetty:

  • The high participation rate reflects confidence in the fairness and transparency of the plan.
  • The exchange has worked towards creating the fastest route for users to get back their funds.
  • Once the court approves the scheme, WazirX will resume operations within 10 working days.

He also acknowledged the struggles users faced in the past year, describing it as one of the most challenging phases for the company. Shetty added that the trust and patience shown by the community have been key to reaching this stage.

What Happens Next?

The restructuring plan now moves to the Singapore Court, which will review and decide whether to sanction the amended scheme. If approval is granted, WazirX will begin the distribution of crypto holdings soon after.

For creditors, this is a much-awaited turning point. Many had been concerned about delays and uncertainty, but the new development assures them that progress is being made and funds may finally be accessible.

Why This Matters for Crypto Exchanges

The WazirX case highlights how restructuring and transparent decision-making can help exchanges survive crises. By securing such overwhelming support from users, the company has proven that it can rebuild trust even after facing difficult challenges.

In the broader crypto market, where trust is often fragile due to sudden collapses or hacks, such an example is important. Other exchanges facing similar situations may look at WazirX’s approach as a model for balancing user interests with legal requirements.

Conclusion

With more than 95% support in the second round of voting, WazirX has gained a strong mandate from its users to move ahead with restructuring. The next step lies with the Singapore Court, whose approval would unlock frozen funds and allow users to finally access their crypto balances.

If everything proceeds smoothly, users can expect fund distributions within 10 business days of approval. For now, the overwhelming vote has given WazirX not just a legal advantage but also renewed confidence in its journey towards recovery.

Read More “Why the Crypto Market is Rising: Key Factors Behind Today’s Surge”

Disclaimer:

The information provided is for informational and educational purposes only and should not be considered financial, investment, or legal advice. We do not guarantee the accuracy, completeness, or reliability of any information presented. Any financial decisions you make based on this content are at your own risk. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. Investing involves risk, and past performance is not indicative of future results. We are not responsible for any losses or damages resulting from your actions.

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