According to BlockBeats, on December 19, Indian crypto trading platform WazirX released a key update on rebalancing and distribution. Under the plan approved by creditors and recognized by the court:
Net liquid platform assets will be rebalanced to ensure fair value distribution and maximize recovery. After the Plan takes effect, Plan creditors will receive the first distribution of rebalanced liquid platform assets in the form of tokens within 10 business days.
Recovery Tokens (RTs) will be issued, and the Company will use these tokens to further distribute recovery funds from surplus, illiquid wallet asset recoveries, and stolen asset recoveries to Scheme Creditors, enabling Scheme Creditors to capture potential market upside opportunities. If the net recoveries available to purchase RTs exceed $10 million, the Company will make offers to purchase RTs to Scheme Creditors each quarter; amounts below this amount will be deferred to the next quarter for similar purchasing power assessment.
Future trading features for RTs are being evaluated to provide additional flexibility to creditors.
To ensure a smooth process, any withdrawals of allocations made under the scheme will be subject to KYC and risk management requirements.
