Indian cryptocurrency exchange WazirX has taken a major transparency step in its restructuring by providing creditors with a preliminary creditor list and balance snapshot (as of July 18, 2024).
These updates will help provide creditors with complete information about their claims amounts and current balances while maintaining data privacy.
WazirX creditors can verify claims using balance snapshots and creditor list
Users can now check their USD claim amounts through their personal UUID on the platform. The WazirX creditor list sorts entries in descending value so users can quickly find their claims.
A search function is also available for quick access, and a “Find My Balance” option simplifies individual balance verification. Creditors can see others’ claims in detail through WazirX’s creditor list request function.
The WazirX balance snapshot page shows users their financial information as of 13:00 (IST) on July 18, 2024. The snapshot details users’ token balances and deposits entered after this date to help creditors match their balances against the current restructuring process.
As a matter of transparency, WazirX has made the Preliminary Creditor List and the snapshot page accessible through its app so creditors can access the details of their claims directly.
WazirX warns creditors to approve restructuring or face years-long delays
Just recently, WazirX warned creditors that repayments from the exchange’s $235 million hack could be delayed until 2030 if they failed to approve its proposed restructuring plan.
On February 4, WazirX posted an image showing two different outcomes for creditors affected by the hack. If the restructuring plan is approved, the company said it could begin the process as early as April 2025, relaunch its platform, and distribute the first round of repayments.
The company said it would also launch a new decentralized exchange business, repay creditors through profit sharing, and recover stolen assets.
However, if the repayment scheme is rejected, the company warned that creditors might need to wait for up to five more years before finally getting their assets back.
The High Court of Singapore ended the WazirX restructuring debate by approving the plan it submitted on January 23. The court agreed to the liquidation only after realizing that users would get the best outcome from quick distributions. According to the plan, users can get up to 80% of their balances back.
The exchange plan is to pay the affected users through recovery tokens for claims, enabling creditors to benefit from recovered assets and future platform profits.
The exchange’s voting process will last three months. As soon as a majority vote is achieved, net liquid assets based on users’ claims will be released to users within 10 days.
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