The Singapore Supreme Court has accepted the Wazirx Plan, which will allow the exchange to pay 75 % to 80 % of the stolen customer's money. Despite the court’s decision, many victims remain suspicious!
The Singapore Supreme Court approved the plan to restructure the victims affected by the Wazirx Crypto fraud. The restructuring plan was approved on January 23, 2025, below The company's act. 1967Which organizes and sets guidelines about the operation of companies in India. The Singapore Supreme Court also ruled that there was no mistake in playing by Wazirx in terms of penetration, According to Crowdfund Insider.
On July 18, 2024, lost wazirx above 234 million dollars In multiple encryption origins. The attack was tracked to the country's sponsoring group in North Korea, Lazaros Group. The same group also participated in Coinex penetration Again in September 2023, where the stock exchange was deceived from $ 54 million.
Wazirx restructuring plan
The WazirX restructuring plan, which received the green light from the Supreme Court in Singapore, will give priority to the creditor's recovery and prevented liquidation. Returning 75 % to 80 % of the value of the lost customer's money through an organized organized process.
The user vote, which will play an important role, extends over the next three months. If the majority agrees, the stock exchange will be distributed Liquid origins Within 10 business days, including any gains from recovery of encryption markets since the attack.
Wazirx, trying to help users to recover their losses, released a recovery Symbols A form of digital credit granted to users who were affected. These distinctive symbols of users indicate their impossible and will also give them a share of future Wazirx profits as well as a share of any stolen boxes that may be recovered.
The stock market will also look forward to re -purchasing these symbols for three years of its profits, allowing users to recover the majority of their losses while maintaining the exchange.
Exchanging encryption some stolen money, freezing $ 3 million of the rope (UsdtIt works with the authorities in the United States, Japan and South Korea to recover more assets participating in the attack. The restructuring process will be implemented according to the Singapore order plan, which enables companies to formulate an official agreement with their creditors.
If the plan is implemented as shown, the encryption exchange can work and restore its reputation with its user base.
Society is not on board
Many victims of the coding fraud do not trust the company's promise. The Discord and X Document Community is named from the Wazirx users.Justice for Wazirx users“The CEO and the founder criticizes Nischal Sheetty. The community says that the user’s vote should not require more than three months. However, he claims that the CEO is asking for more than four months to hold the voting process.
Source link