Nischal Shetty said that WazirX leadership is ready to distribute all the WazirX’s liquid funds to the customers, only waiting for court approval.

WazirX, a popular crypto exchange among Indian traders, faced a hacking incident 4 months ago in which the exchange lost nearly half of the customers’ funds. Currently, this exchange is working on restructuring processes & other new crypto projects to increase revenue & compensate the customers.

On 10 Dec 2024, On the X (formerly Twitter) platform, WazirX CEO Nischal Shetty confirmed that WazirX exchange will distribute all of its liquid funds to the customers but is currently waiting for approval from creditors.

Nischal said that his team did its best to file the restructuring scheme, despite huge complexities in the Wazirx case, & succeeded. And now all of the creditors whether they will give approval or not.

The scheme of arrangement has been filed.This is likely one of the fastest filings ever for such a massive and complex matter.I’m deeply grateful to the incredible teams from multiple companies and geographies who came together to make this happen in record time.But our… pic.twitter.com/ElyHrRM9sj

— Nischal (Shardeum) 🔼 (@NischalShetty) December 10, 2024

An Indian crypto influencer, Pushpendra Singh, asked whether WazirX will distribute funds partially. In response, the WazirX CEO said that they will distribute all the liquid funds only & the rest of the compensation will be done by the WazirX business in the next 3 years.

If the scheme is approved by majority creditors and court then the idea is to fully distribute the available liquid assets to creditors. And then work on recovery efforts and profit distribution over the next 3 years to help with further recovery 🙏

— Nischal (Shardeum) 🔼 (@NischalShetty) December 10, 2024

Nischal also said that he prays to god for this initial phase, so that it happens before the peak of this current bull run so that WazirX customers can take most of the benefits.

In response, a X account focussed on opposing WazirX’s misleading decision stated that WazirX CEO has been trying to manipulate the WazirX customers with his manipulative words and asked whether WazirX will at least give 100% fund withdrawal to the customers or not, showing in rebalancing calculator.

Nischal, stop manipulating and playing with words. Keep it simple!Will users receive 100% of the crypto withdrawals shown by the #WazirX rebalancing calculator in mid Feb or not? pic.twitter.com/NUGHj3Y0Hp

— Justice for WazirX Users (@IndiasCrypto) December 10, 2024

Many people raised questions against WazirX CEO’s statement regarding three years of the compensation plan, which is a very long time & probably will bring the next bull run.

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