Indian cryptocurrency exchange WazirX has cautioned that repayments from the $235 million hack could be delayed until 2030 if creditors do not approve its proposed restructuring plan.
On Feb. 4, WazirX shared an image outlining two possible scenarios for affected creditors. If the restructuring plan is approved, the company aims to begin the process by April 2025, relaunch its platform, and initiate the first phase of repayments.
Additionally, WazirX plans to establish a new decentralized exchange and compensate creditors through profit-sharing and asset recovery.
However, if the proposal is rejected, creditors may have to wait up to five more years before receiving their funds.
WazirX has urged creditors to carefully consider the potential consequences of rejecting the restructuring plan and to vote in favor of the proposed scheme to expedite the recovery process and maximize their potential returns. The exchange has emphasized its commitment to transparency and fairness throughout the process and has encouraged creditors to seek independent legal and financial advice before casting their votes.
