Nischal Shetty said that WazirX management is ready to distribute all liquid funds of WazirX to clients, pending only court approval.
WazirX, a popular crypto exchange among Indian traders, faced a hacking incident 4 months ago in which the exchange lost almost half of customer funds. Currently, this exchange is working on restructuring processes and other new crypto projects to increase revenue and compensate customers.
On December 10, 2024, on Platform
Nischal said his team did its best to present the restructuring plan, despite the enormous complexities of the Wazirx case, and was successful. And now all the creditors will give their approval or not.
An Indian crypto influencer, Pushpendra Singh, asked if WazirX will partially distribute funds. In response, WazirX CEO said that they will distribute all liquid funds only and the rest of the compensation will be done by WazirX business in the next 3 years.
Nischal also said that he prays to God for this initial phase, that it happens before the peak of this current bull run so that WazirX clients can reap the most benefits.
In response, an clients or not, as shown in the rebalancing calculator. .
Many people raised doubts about the WazirX CEO’s statement about the three years of the compensation plan, which is a very long time and will probably trigger the next bull run.
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