WazirX creditors to vote on whether to approve restructuring plan extended to 5 years

Odaily Planet Daily News 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 extend to 2030. The vote follows a ruling by the Singapore High Court that allows the troubled Indian exchange to seek a restructuring plan rather than face liquidation, depending on whether three-quarters of creditors approve the recovery plan. If the threshold is met, WazirX will launch a phased compensation plan, including 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 reduce creditors' returns. Although WazirX claims that creditors can recover up to 80% of their balances through its new DEX and recovery token model, its proposed recovery plan has sparked controversy. Many users remain skeptical, and some critics believe that the five-year delay is a strategic means to force creditors to accept a new platform rather than a real recovery move.