Foresight News reports that the Indian cryptocurrency exchange WazirX has released an asset rebalancing and distribution plan, approved by creditors and recognized by the court: First, there will be a rebalancing of net liquid platform assets to ensure fair value distribution, with the first distribution to creditors in token form occurring within 10 business days after the plan takes effect. Second, Recovery Tokens (RTs) will be issued for distributing subsequent recovery amounts from surplus, illiquid wallet assets, and stolen assets. When the net recovery amount available for purchasing RTs exceeds $10 million, WazirX will provide creditors with the opportunity to purchase RTs quarterly; if below this amount, the evaluation will be postponed to the next quarter. Third, the future trading functionality of RTs is being assessed to provide creditors with additional liquidity options. Fourth, all distribution withdrawals must strictly adhere to KYC and risk management requirements to ensure compliance with the process.
Foresight News previously reported that WazirX lost $230 million in July due to a hacking incident.
