WazirX Moves Forward With Revival Plan, Announces Final Vote to Begin Fund Distribution
- 93.1% of WazirX creditors voted in favor of restructuring thus increasing approval ratings for the new re-vote.
- WazirX will use Zanmai India, an FIU-registered entity, and not shift to Panama.
- WazirX competitors have capitalized on its bankruptcy to penetrate the vast Indian crypto market.
WazirX, the Indian cryptocurrency exchange working to recover from a $235 million cyberattack, is moving forward with its revival plan after resolving its restructuring process in Singapore. The exchange has announced an upcoming revote that will clear the way for distributing funds to users, a concrete step toward restarting its operations.
The distribution process is set to begin in the coming weeks and will be handled by Zanmai India, an entity registered with India’s Financial Intelligence Unit (FIU).
A final vote will kickstart the fund distribution
The plan to restructure the exchange had already received 91% approval from creditors. A final revote is now needed simply to confirm a structural change in the plan.
“No shift to a Panama entity is needed since the Indian entity Zanmai will help in the distribution of funds. But since this change had to be made …
The post WazirX Moves Forward With Revival Plan, Announces Final Vote to Begin Fund Distribution appeared first on Coin Edition.
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WazirX Moves Forward With Revival Plan, Announces Final Vote to Begin Fund Distribution
- 93.1% of WazirX creditors voted in favor of restructuring thus increasing approval ratings for the new re-vote.
- WazirX will use Zanmai India, an FIU-registered entity, and not shift to Panama.
- WazirX competitors have capitalized on its bankruptcy to penetrate the vast Indian crypto market.
WazirX, the Indian cryptocurrency exchange working to recover from a $235 million cyberattack, is moving forward with its revival plan after resolving its restructuring process in Singapore. The exchange has announced an upcoming revote that will clear the way for distributing funds to users, a concrete step toward restarting its operations.
The distribution process is set to begin in the coming weeks and will be handled by Zanmai India, an entity registered with India’s Financial Intelligence Unit (FIU).
A final vote will kickstart the fund distribution
The plan to restructure the exchange had already received 91% approval from creditors. A final revote is now needed simply to confirm a structural change in the plan.
“No shift to a Panama entity is needed since the Indian entity Zanmai will help in the distribution of funds. But since this change had to be made …
The post WazirX Moves Forward With Revival Plan, Announces Final Vote to Begin Fund Distribution appeared first on Coin Edition.
Read More