NischalShetty
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"WazirX Overcomes Initial Hurdle: Can Nischal Rebuild User Trust?"
More than six months after a devastating hack in July 2024 saw $234 millions worth of digital assets stolen, the Indian crypto giant WazirX is now battling for its existence. With a court-approved restructuring plan expected soon, users are being asked to vote on a proposal that resembles a band-aid on a gaping wound. The big question is whether WazirX founder Nischal Shetty can win back the trust of a user base that feels cheated?
According to latest developments, the restructuring proposal for WazirX’s parent company, Zettai Pte Ltd, has been approved by the Singapore High Court. The plan involves users, now creditors, voting on the plan, which offers partial recovery in certain cryptocurrencies. But there’s a catch: Users won’t receive back the exact assets they lost, nor will they have much of a say in drafting the deal.
For many, the idea smells of desperation, not true resolution.
Nischal Shetty tweeted the company’s perspective: “The Singapore High Court has granted us leave to convene a Scheme Meeting. It is yet another big step towards completing the restructuring as we head towards restarting the platform of WazirX
"Disclaimer: This is for informational purposes only and not endorsed by Binance. Crypto investments are volatile and can lead to losses. Do your own research. Not financial advice."
#WazirX #CryptoNews #NischalShetty #CryptoUpdate #blockchain
More than six months after a devastating hack in July 2024 saw $234 millions worth of digital assets stolen, the Indian crypto giant WazirX is now battling for its existence. With a court-approved restructuring plan expected soon, users are being asked to vote on a proposal that resembles a band-aid on a gaping wound. The big question is whether WazirX founder Nischal Shetty can win back the trust of a user base that feels cheated?
According to latest developments, the restructuring proposal for WazirX’s parent company, Zettai Pte Ltd, has been approved by the Singapore High Court. The plan involves users, now creditors, voting on the plan, which offers partial recovery in certain cryptocurrencies. But there’s a catch: Users won’t receive back the exact assets they lost, nor will they have much of a say in drafting the deal.
For many, the idea smells of desperation, not true resolution.
Nischal Shetty tweeted the company’s perspective: “The Singapore High Court has granted us leave to convene a Scheme Meeting. It is yet another big step towards completing the restructuring as we head towards restarting the platform of WazirX
"Disclaimer: This is for informational purposes only and not endorsed by Binance. Crypto investments are volatile and can lead to losses. Do your own research. Not financial advice."
#WazirX #CryptoNews #NischalShetty #CryptoUpdate #blockchain
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