- Wazirx released a preliminary creditor list and balances the snapshot from July 18, 2024.
- Despite the huge amount of criticism and controversy, Wazirx ensures openness in its restructuring system.
Wazirx made a new update as part of its recovery process. This time, the exchange offers full openness to its creditors by providing a preliminary creditor list. The Latest update Also includes a snapshot of balances from July 18, 2024. This will enable all creditors to know their claim amount and current balances.
Wazirx Citizens can check their claims with a unique UUID. This is to ensure that their fund information remains private and secure. The platform arranged the list in falling claims for claims and to make this process easier it also offered a “find my balance” option for users.
If a creditor wants to check another creditor’s claim, they can submit an inspection request. Wazirx also provided a balance about all creditors from July 18, 2024. This includes token balances and deposits that took place after the hack. Although he has received extreme criticism, Wazirx sees that the restructuring system takes place seamlessly to all creditors.
How long did creditors have to wait to regain money lost in Wazirx Hack?
Wazirx came up with a restructuring system as part of its recovery process. Based on the latest updates, Singapore High Court approved the plan. But it promises to recycle only 75% – 80% of the total lost funds. Although the exchange is moving forward with this plan, creditors would have to lose some of their funds.
In one of the latest Post At X, Wazirx gave two alternatives to the creditors. If the restructuring plan is approved by the creditors, they will receive funds in April 2025. If the system is not approved by creditors, it will lead to a much long process up to the next five years.
It is up to the creditors if they will approve the proposed plan and get their funds or wait for the next five years. Still, it is really a tough decision to make for the users who are already suffering from the loss. The fact that Wazirx tries to recover funds, gain confidence in users, with its restructuring plan is the first-in-the-use type in cryptout exchange history.
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