There is a big news for the Indian crypto community, Singapore Court has banned Indian crypto exchange. WazirX Hack In the case of Zettai Pte Ltd, the restructuring plan submitted by the company was approved. This hack had troubled Indian crypto users for the last 6 months and users had many questions in their minds regarding the withdrawal of their funds. This decision of the Singapore Court is the first step towards restructuring for WazirX and its users. However, this decision has come in favor of only a few, as users will not get their entire funds refunded at once and they are likely to get their funds back only in some crypto assets.
Zettai Pte Ltd, which is the parent company of WazirX, has proposed to hold a meeting with its creditors under this plan, in which voting will be done on the restructuring plan. Zettai aims to distribute crypto assets based on these votes and restart the operations of WazirX. However, many users have raised questions about the transparency of the project and feel that they are not properly represented in it.
WazirX Hack Replace, users will not get funds back soon
The Singapore court has given Zettai a 16-week moratorium period to reorganize its financial condition and operations, but this move did not come as good news for users. Because there are many provisions in the restructuring plan, including ‘recovery tokens’ and ‘token distribution’. According to the planning, users will be given certain tokens, which can speed up the recovery process of their assets, but this planning is not completely according to the expectations of the users.
WazirX Giving information about this planning, founder Nischal Shetty said, “This is an important step for us and we thank the court for giving us permission to implement this planning. We will ensure that the users get the information as soon as possible.” Their assets were recovered soon.” However, there remains disappointment among users regarding the return of funds stolen during the WazirX Hack and the transparency of the operation in the future.
Zettai has also included a ‘profit-sharing’ structure in this planning, under which the income from the platform will be used for token purchasing over the coming three years. This planning will be voted on in the next few weeks and Zettai is appealing to all users to participate in it. However, whether this planning will be completely successful or not, only time will tell.
Conclusion
This step of the Singapore Court may prove to be a turning point in the case of WazirX Hack, but still users should not expect the refund of their entire amount. The restructuring plan aims to reactivate the platform and return some of the assets to users, but many questions are being raised regarding the return of stolen funds and the transparency of the project. Users will now have to participate in the upcoming voting process and give their opinions, so that they can get some kind of relief in future.
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