- Announcement of New Voting Options
- Problems Caused by the Hack and Their Consequences
- Conclusion: The Real Situation
WazirX has announced the implementation of additional voting options for its users regarding the moratorium application in the Singapore High Court. These measures come in response to numerous user complaints about the lack of an option to express disagreement with the application.
Announcement of New Voting Options
On September 12, WazirX management announced the introduction of new voting options: 'No' and 'No Position' for the moratorium application in the Singapore High Court. The previous poll form only included the 'Yes' option, which caused dissatisfaction among users.
Problems Caused by the Hack and Their Consequences
The moratorium application, if approved by the court, will provide WazirX and its parent company Zettai Pte Ltd with six months of protection from any legal actions. During this period, the company plans to implement a 'restructuring scheme' to compensate its 4.4 million users whose funds were stolen in a cyberattack worth Rs 2000 crore on July 18. Platform co-founder Nischal Shetty clarified in his affidavit that users will face a socially-oriented 'equitable loss' sharing formula. According to WazirX's legal experts, users will have to settle for a minimum of 43% loss of their funds even after the scheme's implementation.
Conclusion: The Real Situation
The lack of a 'No' option in the initial poll only heightened user dissatisfaction, with some accusing the management of presenting a one-sided view. It took WazirX a whole month to introduce transparent voting options.
The WazirX situation highlights the need for transparency and consideration of all users' opinions. Hopes for fund recovery remain unclear, but steps to improve user interaction are already being taken.
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