WazirX creditors will vote on whether to approve the restructuring plan extended to 5 years later

Odaily Planet Daily News: WazirX creditors will decide in the coming weeks whether to start receiving compensation for cryptocurrency as early as April 2025 or face a long-term recovery process that may extend until 2030. The vote was made following a ruling by the High Court of Singapore that allowed the struggling Indian exchange to seek a restructuring plan instead of facing liquidation, depending on whether three-quarters of creditors approve the recovery plan. If the threshold is reached, WazirX will launch a phased compensation plan, including launching DEX, issuing recovery tokens, and implementing regular repurchases to compensate affected users. If the vote fails, the platform will be forced to liquidate, and the company points out that this process may take several years and the returns to creditors will also decrease. Although WazirX claims that creditors can recover up to 80% of their balance through its new DEX and recovery token model, its proposed recovery plan still sparks controversy. Many users still hold a skeptical attitude, and some critics believe that the five-year delay is a strategic tool aimed at forcing creditors to accept the new platform, rather than a real recovery measure.