- WazirX released a preliminary creditor list and balance snapshot as of July 18th, 2024.
- Despite the huge amount of criticism and controversy, WazirX ensures transparency in its restructuring scheme.
WazirX made another update as part of its fund recovery process. This time, the exchange is offering complete transparency to its creditors by providing a preliminary creditor list. The latest update also includes a snapshot of balances as of 18th July, 2024. This will allow all creditors to know their claim amounts and current balances.
WazirX creditors can check their claim amounts using a unique UUID. This is to ensure that their fund information remains private and secure. The platform arranged the list in descending order of claim amounts and to make this process simpler, it also offered a “Find My Balance” option for users.
In case, a creditor would like to check another creditor’s claim, they can submit an inspection request. WazirX also provided a balance snapshot of all creditors as of July 18, 2024. This includes token balances and deposits that took place after the hack. Despite receiving extreme criticism, WazirX ensures that the restructuring scheme takes place seamlessly to all creditors.
How Long Creditors Must Wait To Recover Funds Lost in WazirX Hack?
WazirX came up with a restructuring scheme as part of its fund recovery process. Based on the latest updates, the Singapore High Court approved the plan. However, it promises to recover only 75% – 80% of the total lost funds. Even though the exchange is moving forward with this plan, creditors would have to lose a portion of their funds.
In one of its recent posts on X, WazirX gave two options to the creditors. In case the restructuring plan gets approved by the creditors, they will get funds by April 2025. If the scheme is not approved by creditors, it will lead to a much lengthier process up to the next 5 years.
It is up to the creditors whether they will approve the proposed plan and get their funds or wait for the next 5 years. Nonetheless, it is indeed a tough decision to make for the users who are already suffering the loss. However, the fact that WazirX is trying to recover funds, gain trust from users, with its restructuring plan is the first-of-its-kind in the history of crypto exchanges.
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