In the midst of a crucial voting process, WazirX founder Nischal Shetty announced $478.5 million in liquid assets.
The Significance of the Vote
Cryptocurrency exchange WazirX is conducting a vote among its 4.4 million users in India from March 19 to 28, requiring a 75% majority to approve a restructuring scheme that aims to restore 85% of user funds within the next 1-2 months.
WazirX Asset Audit
Under Nischal Shetty's guidance, WazirX has completed an independent verification of its assets and liabilities. Alvarez & Marsal confirmed $478.5 million in net liquid assets as of January 17, 2025, affirming the company's financial transparency.
Response to the Announcement
The announcement comes amid the voting process, potentially aimed at garnering votes. The voting is under the jurisdiction of the Singapore High Court, without specific guidelines for WazirX.
The announcement of liquid assets may significantly impact the outcome of the voting, aimed at restoring user trust and funds after the $234.9 million hack in 2024.
