WazirX Moves Forward With Revival Plan, Announces Final Vote to Begin Fund Distribution
2025-07-18 11:43:07
Main Idea
WazirX is advancing its revival plan after a cyberattack, with a final vote to restart operations and plans to implement a Proof-of-Reserve system, though challenges like competition and creditor disputes remain.
Key Points
1. WazirX will use Zanmai India, an FIU-registered entity, for its operations and not shift to Panama.
2. The exchange is recovering from a $235 million cyberattack and has a 45% gap between assets and creditors.
3. A final vote with 91% approval is needed to restart operations, with the revote date to be announced soon.
4. WazirX plans to launch a Proof-of-Reserve (PoR) system after restarting to build confidence.
5. The exchange faces challenges including competition from other exchanges and disputes with creditors in Singapore.
Description
93.1% of WazirX creditors voted in favor of restructuring thus increasing approval ratings for the new re-vote. WazirX will use Zanmai India, an FIU-registered entity, and not shift to Panama. WazirX competitors have capitalized on its bankruptcy to penetrate the vast Indian crypto market. WazirX, the Indian cryptocurrency exchange working to recover from a $235 million cyberattack, is moving forward with its revival plan after resolving its restructuring process in Singapore. The exchange has a...
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