Nischal Shetty, the CEO of WazirX, recently provided some insight into the current status of the crypto exchange ahead of the upcoming voting event for the exchange’s restructuring scheme. This marks the first time that Shetty has directly addressed the issue, inviting all WazirX users to ask questions and seek clarification on any doubts they may have.
The official date for the voting on the restructuring scheme has been confirmed as 19 March. Shetty emphasized that if the majority of WazirX customers vote in favor of the scheme, the exchange will release the customers’ funds, which are available in liquid form, on the very first day when the exchange reopens. With the possibility of the exchange going live again in April or May of this year, Shetty expressed optimism about the future of WazirX.
However, Shetty also touched upon the financial constraints faced by the exchange, noting that the majority of funds were depleted in a hacking incident. He stated that the exchange does not have the immediate resources to compensate customers fully overnight but assured that those supporting the restructuring scheme would receive RT Tokens and DEX Tokens as part of their compensation.
“All the WazirX creditors will get RT tokens, and the value of each RT Token will depend on the value of the hacked funds. In addition to RT tokens, the exchange will also distribute DEX tokens, and the value of the latter will depend on the market performance,” explained Shetty in response to a user query.
While some users raised concerns about Shetty’s tweets possibly pressuring customers to vote in favor of the scheme, others highlighted the potential consequences of a negative vote leading to a prolonged liquidation process for the exchange’s assets. It appears that supporting the proposed restructuring scheme would be the most viable option to expedite the compensation process for WazirX users.
In conclusion, it is essential for viewers to exercise caution and consult financial advisors before making any investment decisions based on the information provided. Stay tuned for further updates on the WazirX restructuring scheme as the voting date approaches.
