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Author Topic: Wazirx warned repayments can be delayed until 2030  (Read 58 times)
Bitcoin Smith (OP)
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February 04, 2025, 06:49:33 PM
Merited by TheUltraElite (1)
 #1

WazirX warns creditors that repayments could be delayed until 2030 if they reject its restructuring plan, which was recently approved by the High Court of Singapore.

Indian cryptocurrency exchange WazirX has warned that repayments from the $235 million hack against it could be delayed until 2030 if creditors do not approve its proposed restructuring plan.

On Feb. 4, WazirX posted an image showing two different outcomes for creditors affected by the hack. If the restructuring plan is approved, the company said it could begin the process as early as April 2025, relaunch its platform, and distribute the first round of repayments.

The company said it would also launch a new decentralized exchange business and repay creditors through profit sharing and recovering stolen assets.

However, if the repayment scheme is rejected, the company warned that creditors might need to wait for up to five more years before finally getting their assets back.


WazirX urges creditors to approve restructuring plan or face delays

If I understood the matter correctly, the wazirx is forcing the users to support whatever they come with if they ever want to receive their money stuck in the wallet when the hack incident happened. But do you think people will have any trust over wazirx if they ever come back with the same or new one called DEX to continue their operation in India?

I guess nope, especially with such attitude cause it's not different than blackmailing the victims.

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TheUltraElite
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February 08, 2025, 12:08:33 PM
 #2

Sadly those whose money is stuck in a limbo are at the mercy of the owners of the exchange. This is why cybersecurity laws and legal framework needs to develop into a much more robust system to track and punish hackers for robbery.

MtGox did not see much better days when it was hacked.

 
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Bitcoin Smith (OP)
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February 08, 2025, 03:49:19 PM
 #3

This is why cybersecurity laws and legal framework needs to develop into a much more robust system to track and punish hackers for robbery.

We are atleast 10 years behind in the cyber security laws even though some of the recent additions in 2023 act regarding privacy which is why the social media companies able to steal the user data legally which is a big privacy concern not just to the users but as a country whole and India did ban many apps like Tiktok, Pubg for the very same reason but failed to implement any regulations regarding the privacy violations act. I hope someone understand these things will come to power in our nation.

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February 10, 2025, 08:07:09 AM
 #4

This is dirty politics played with victims as they are indirectly threatened that if they don't abide by whatever proposal is rolled out by Wazirx then their money will not be recovered and moreover this is peak time government should intervene.

Why the hell anyone would trust them even if they relaunch themselves as they are just behind money without any proper security and even if they relaunch they will not have userbase due to the higher taxes implemented by government.

I think they would have earned enough by now hence they should not see freedom until they repay but unfortunately it's the victims who would be in limbo and uncertainty.

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