WazirX creditors will vote on whether to approve a restructuring plan that extends beyond five years

WazirX creditors will decide in the coming weeks whether to start receiving compensation in cryptocurrency as early as April 2025 or face a long recovery process that could be extended to 2030. The vote follows a Singapore High Court ruling that allowed the troubled Indian exchange to pursue a restructuring plan rather than face liquidation, depending on whether three-quarters of its creditors approve the recovery plan. If the threshold is met, WazirX will roll out a phased compensation plan that includes launching a DEX, issuing recovery tokens, and implementing regular buybacks to compensate affected users. If the vote fails, the platform will be forced to liquidate, a process that the company noted could take years and result in reduced returns for creditors. Although WazirX claims that creditors can recover up to 80% of the balance through its new DEX and recovery token models, its proposed recovery plan is still controversial. (CryptoSlate)