WazirX users who lost their funds during the 2023 hack may soon receive partial reimbursement, but not the entire amount. Following the rejection of its initial proposal, WazirX has submitted a new plan for fund recovery awaiting the court's decision.
New Deadline: June 20
WazirX previously submitted a restructuring plan to the Singapore High Court, offering to return user funds after the massive hack in July 2023. However, the court rejected that proposal on June 4. In response, WazirX filed a formal request for reconsideration on June 6. The court has now allowed the exchange until June 20 to present a revised plan, on which day it will decide the acceptability of WazirX's proposal.
Why Users Won't Get Full Funds?
According to a recent announcement from WazirX, the company plans to restart its business under a new structure. WazirX intends to move its base from Singapore to Panama and rebrand to Zensui. The company claims it will return a percentage of users' funds, meaning users may only receive part of their money. If the plan is approved, WazirX will declare bankruptcy and start anew. However, users who accept this payout might lose the right to file legal complaints in the future.
Past Lies and Fresh Promises
There have been many doubts about WazirX's transparency. Previously, the company failed to obtain a license in Singapore and later moved operations to Panama under a new name. Many believe the new restructuring plan is just another way to avoid accountability. Currently, over 4.4 million users are still waiting for clarity. If the new plan is accepted on June 20, users may finally receive a portion of their trapped funds, though the exact amount, method, and timeline for refunds remain uncertain.
WazirX users continue to wait for the court's decision on the new fund recovery plan. Hopes for partial reimbursement linger, but numerous questions and concerns about the company's future actions remain.
