- WazirX plans to start fresh with exchange reopen and DEX launch.
- The WazirX relaunch will focus on prioritizing fairness, efficiency, and enhanced services.
One of the popular crypto exchange platforms in India, WazirX has been facing criticism for not resolving the stolen funds issues in a hack. After coming up with a scheme to ensure a swift recovery of funds to all creditors, the exchange now revealed its plans to have a fresh start.
We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 18, 2024
Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with… pic.twitter.com/F7MObirmfF
In its recent post on X, WazirX stated it is gearing up for a fresh start and plans to have a recovery-driven approach for scheme creditors. The platform revealed its plans to reopen the exchange and launch a decentralized exchange (DEX) after scheme approval. It plans to enhance user experience with innovative features and provide a more robust platform for its users. The post further emphasized on their plans to prioritise fairness, efficiency, and enhanced services for all scheme creditors.
Did WazirX Recovery Scheme Get Approval?
Zettai Pte Ltd, a parent company of the WazirX crypto exchange, filed an application with the Singapore High Court to get approval for its recovery scheme. The major aim behind this application filing is to expedite the asset distribution process fairly and legally.
The scheme follows a structured timeline of events and allows scheme creditors to vote on the proposal. In order to get an approval from Singapore High Court, the scheme must get approval by a majority of creditors or from at least 75% of them who participated in voting. In case, the scheme is not approved, scheme creditors would have to wait for some more time to resolve the issue.
As part of the scheme, the WazirX platform launched Recovery Tokens (RT) and distributed them to scheme creditors. These tokens enable the platform to give creditors access to surplus sharing, recoveries from illiquid and stolen assets, and potential market-driven upside.
If the scheme gets approved by the Singapore High Court, the long-awaited WazirX asset rebalancing issue will be solved. After that, the exchange seems to implement its plans to reopen the platform and launch a decentralized exchange platform. However, we might have to wait for some more days to get approval for the filed Scheme.
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