The modified restructuring plan from Wazirx has gained 95.7 % approval in Revote, making users closer to encryption recovery.
Wazirx is a restructuring to the court after the overwhelming support
Wazirx Exchange Indian Crypto became prey to the reputable penetration in July last year, as it lost the money of users that amounted to about $ 235 million, nearly half of his reserves at that time. Wazirx closed its withdrawals in response to this, and to this day, the remaining user’s money sat in the stock market reservation.
However, this may be about to change, as the statute has cleared a decisive step in restarting operations. The stock exchange also announced in the blog publication, the voice of users in favor of the last restructuring plan.
The vote occurred between July 30 and August 6, and the creditors asked whether they were approved by the platform restructuring system. This was in fact the second vote by the stock exchange. The first vote occurred again in March, and 93.1 % of creditors preferred this. So, why should Revote take place?
The answer is that although creditors who agreed to the encryption distribution plan, the Zettai PTE LTD, a Singaporean entity responsible for dealing with WazirX encryption boxes, could not punish him through the Supreme Court of Singapore due to compliance problems.
Last month, the company again went to the court with a rate of proposal, and this time, it got the thumb. The change from the previous restructuring plan was that the Indian parent entity in Wazirx, Zanmai Labs, will instead deal with withdrawing users, not zettai.
The reference was supposed to obtain creditors’ approval of this new restructuring scheme. The results are now in, with 95.7 % of users say yes, a little more than the previous vote. At the value of approved claims, these creditors make up 94.6 % of the total.
“The second round of voting that contains such strong numbers is a testimony to our approach to restructuring, which was fair, transparent and the fastest option for users to recover money.”
The next step is to return to the Supreme Court in Singapore to obtain the approved plan from the creditor. According to an email sent to creditors, the platform has already submitted to the court, before the previously planned date on August 21.
“In the event that the Singapore Court is facing the plan, we are committed to restarting the operations within 10 working days of the effect,” note.
Last month, another Indian encryption exchange, Coindcx, fell prey to a penetration of $ 44 million. The timing of the attack was strange, one year after the Wazirx incident almost completely to date (July 18 against July 19).
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