WazirX is ready to host its seventh townhall meeting on February 19, 2025, at 5:30 PM IST/ 8:00 PM SGT. This time around, the aim of this meeting is to provide Scheme Creditors with an in-depth understanding of the proposed Scheme terms and the benefits that will follow if the Scheme gets approved.
The session seems to be an important one because this is the last chance for the exchange to make people aware of all benefits and information needed before making their decision ahead of the voting period that is scheduled from March 19 to March 28, 2025.
The townhall will feature Zettai’s financial advisor, who will elaborate on the Scheme’s details, including how it addresses the aftermath of the cyber attack that occurred on July 18, 2024, which resulted in a loss of $230 million. The proposed Scheme aims to make way for a structured recovery process for the affected creditors and outlines pathways for asset distribution.
WazirX Rebalancing Process
In the recent developments, WazirX completed its rebalancing process, a critical step towards recovery. The money, according to the rebalancing calculation, will be distributed to the creditors within ten business days after the Scheme’s approval. This distribution is now based on the voting results.
If the community votes in favor of the Scheme, only then will the money be distributed, and if the scheme is not approved, the legal case can be dragged anywhere till 2030.
Additionally, this town hall meeting will act as a platform for the creditors to raise their concerns and questions regarding the scheme and to gain clarity regarding their claims and the overall restructuring process.
Market Reaction
On the contrary, the community is heated at the moment, and some of the WazirX creditors are urging people not to vote for the scheme at all. The WazirX creditors think that WazirX has been trying to save itself instead of helping the creditors get their money back.
Moreover, during rebalancing, the creditors were supposed to get 85% of their balance as of July 18, 2024, but after rebalancing calculations, the calculations that were provided by WazirX were somewhere around 55% of the creditor’s balance, which is unfair to the community. There had been an uproar regarding the same, and hence, the WazirX creditors do not want people to vote in favor or against the Scheme.
The community thinks that there could have been a simpler way to sort this out instead of making it this complicated with the rebalancing calculations. Whether WazirX is able to make a comeback or not now depends on the voting.
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