COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: WazirX Creditors Prepare to Vote on Restructuring Plan
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Cryptocurrency Exchanges > WazirX Creditors Prepare to Vote on Restructuring Plan
Cryptocurrency Exchanges

WazirX Creditors Prepare to Vote on Restructuring Plan

In Brief

  • The creditors of WazirX will vote on a new restructuring plan.

  • The plan may lead to the resumption of operations if approved.

  • Potential liquidation awaits if the plan is not accepted by creditors.

İlayda Peker
İlayda Peker 4 months ago
Share
SHARE

A restructuring plan has emerged for WazirX, a cryptocurrency platform based in India, where creditors will participate in a voting process. The timing for implementing the plan will be determined by the outcome of the upcoming vote, with a potential start date in April 2025 if conditions are met.

Contents
Restructuring Process and VotingContents of the Plan and Possible Scenarios

Restructuring Process and Voting

Creditors will vote on the proposed plan aimed at renewing the current structure. It is anticipated that a 75% majority, based on the value of votes, will approve the proposal. If this condition is fulfilled, the plan could be executed with court approval by April 2025.

WazirX stated, “If 75% of creditors vote positively, our restructuring plan will take effect in April 2025.”

Contents of the Plan and Possible Scenarios

If approved, the plan foresees the resumption of operations on the platform. Following this, the goal is to distribute cash assets to creditors within ten business days, allowing users to benefit from net liquid assets.

The proposal includes establishing a decentralized exchange platform, issuing recovery tokens, and implementing periodic buybacks of tokens. With the introduction of new revenue streams, sustainability of the process is aimed.

Should the plan not receive approval, the failure of the structure may lead to liquidation proceedings. In this scenario, assets might be sold at low valuations, resulting in lesser compensation for creditors.

The platform suffered significant losses due to a cyberattack in July 2024, where approximately $230 million in user funds were stolen. The transfer of stolen funds to various addresses complicated the recovery process.

The company faced criticism for its financial and reputational losses, leading to scrutiny over its communication and fund recovery efforts. Overall assessments reveal that the upcoming decision could play a critical role in the platform’s future, necessitating consideration of the interests of creditors and other stakeholders. Continuous updates are crucial for keeping users informed step by step.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Coinbase Battles Massive Cyberattack: Ensures User Safety and Fortified Security

Robinhood Triumphs with a Bold Canada Debut by Acquiring WonderFi

Gemini Conquers Europe with Strategic Derivative Offerings

U.S. Crypto Giants Acquire Major Companies in Bold Strategy

Bybit Strengthens Bitcoin Liquidity After Massive Security Breach

İlayda Peker 4 February, 2025 - 10:35 pm 4 February, 2025 - 10:35 pm
Share This Article
Facebook Twitter
Share
İlayda Peker
By İlayda Peker
Follow:
Uluslararası İlişkiler ve Siyaset Bilimi Mezunu, Kitap sever.
Previous Article Anthony Scaramucci Foresees Positive Crypto Regulations Before November
Next Article Trump’s Token Stirs Controversy and Concern in the Market
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Bitcoin Enthusiasts Gather in Las Vegas with Ambitious Price Projections
Bitcoin (BTC)
The SEC Paves the Way for Potential Altcoin ETF Approvals
Altcoin News
Expert Warns of Bitcoin’s Fragile Ascent
Bitcoin (BTC)
Ethereum Faces a Crucial Resistance Test: What Will Happen Next?
Ethereum (ETH)
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?