Wazirx announced on Monday, in which it has received strong support from users for his proposed restructuring plan. This is planned to return 85% of their crypto portfolio to users after Wazirx Hack.
93.1% users support to Wazirx Restructuring Plan
According to the latest announcement made by Wazirx’s management, 141,476 users participated in a week -long voting process, of which 93.1% voted yes. Users have made claims of total $ 184,997,156.31. Let me tell you that on July 18, 2024 Wazirx hack It happened, in which the exchange lost about $ 234.9 million. The exchange was suspended after this hack.
The voting process was held from 19 March to 28 March via Kroll Issuer Products and Services (KIS) platforms, open to all credits that had a crypto balance on Wazirx. 141,476 creditors participated in it, which had Claims over $ 195.6 million. Out of these claims, 131,659 credits voted in favor of restructuring plan, which was equivalent to Claims of about $ 185 million.
Zettai’s plan 92% -95% creditors support
According to the law of Singapore companies, at least 50% of creditors have to give consent according to counting and 75% creditors to get approval to get approval. Zettai’s proposed scheme easily completed these two standard.
Interestingly, the support of all creditors in voting was equally, whether their claim was small or big, support was between 92% and 95% of support. Which indicates that Zettai has good support from all creditors on the restructuring plan.
The truth of the voting results has been checked by Independent Electhers, Joshua Taylor and Henry Anthony Chambers and submitted their reports to Zettai. This report will soon be made available for credits, as well as nameless balloting main points will also be shared.
Now Zettai will apply in Singapore High Court so that formal approval can be obtained. After the approval of the court, the first stage of payment will start within 10 Trade Days. According to the company, Vidral and Trading will be resumed in Levels, which will be based on regulatory guidelines.
This is an important step for the cryptocurrency users of Wazirx, because Wazirx restructuring plan Through they can get their investment back and ensure the stability of the exchange.
Conclusion
Wazirx’s restructuring plan shows strong support by users that there is a positive response about the stability of the exchange and the security of their investment. It is clear from 93.1% voting support that creditors and users are expecting about the scheme. After the approval of Zettai’s Singapore High Court as the next step, the process of return of users’s Crypto Funds will begin.
