2024

Bitcoin

WazirX

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 <li><strong>WazirX plans to start fresh with exchange reopen and DEX launch.&nbsp;</strong></li>
 <li><strong>The WazirX relaunch will focus on prioritizing fairness, efficiency, and enhanced services.&nbsp;</strong></li>
</ul>
<p>One of the popular crypto exchange platforms in India, WazirX has been facing criticism for not resolving the stolen funds issues in a hack. After coming up with a scheme to ensure a swift recovery of funds to all creditors, the exchange now revealed its plans to have a fresh start.&nbsp;</p>
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  <p lang="en" dir="ltr">We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors. <br><br>Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with… <a href="https://t.co/F7MObirmfF" rel="noopener noreferrer nofollow">pic.twitter.com/F7MObirmfF</a></p>— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) <a href="https://twitter.com/WazirXIndia/status/1869278034769146040?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 18, 2024</a>
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<p>In its recent post on X, WazirX stated it is gearing up for a fresh start and plans to have a recovery-driven approach for scheme creditors. The platform revealed its plans to reopen the exchange and launch a decentralized exchange (DEX) after scheme approval. It plans to enhance user experience with innovative features and provide a more robust platform for its users. The post further emphasized on their plans to prioritise fairness, efficiency, and enhanced services for all scheme creditors.&nbsp;</p>
<h3 class="wp-block-heading" id="h-did-wazirx-recovery-scheme-get-approval">Did WazirX Recovery Scheme Get Approval?</h3>
<p>Zettai Pte Ltd, a parent company of the WazirX crypto exchange, <a href="https://wazirx.com/blog/scheme-of-arrangement-filed-with-the-singapore-court/" target="_blank" rel="noopener noreferrer nofollow">filed an application</a> with the Singapore High Court to get approval for its <a href="https://thenewscrypto.com/could-wazirx-users-see-recovery-under-the-proposed-scheme/" target="_blank" rel="noopener noreferrer nofollow">recovery scheme</a>. The major aim behind this application filing is to expedite the asset distribution process fairly and legally.&nbsp;</p>
<p>The scheme follows a structured timeline of events and allows scheme creditors to vote on the proposal. In order to get an approval from Singapore High Court, the scheme must get approval by a majority of creditors or from at least 75% of them who participated in voting. In case, the scheme is not approved, scheme creditors would have to wait for some more time to resolve the issue.&nbsp;</p>
<p>As part of the scheme, the WazirX platform launched <a href="https://thenewscrypto.com/is-wazirx-recovery-token-rt-just-another-misleading-promise/" target="_blank" rel="noopener noreferrer nofollow">Recovery Tokens</a> (RT) and distributed them to scheme creditors. These tokens enable the platform to give creditors access to surplus sharing, recoveries from illiquid and stolen assets, and potential market-driven upside.&nbsp;</p>
<p>If the scheme gets approved by the Singapore High Court, the long-awaited WazirX <a href="https://x.com/WazirXIndia/status/1867435036376756641" target="_blank" rel="noopener noreferrer nofollow">asset rebalancing</a> issue will be solved. After that, the exchange seems to implement its plans to reopen the platform and launch a decentralized exchange platform. However, we might have to wait for some more days to get approval for the filed Scheme.&nbsp;</p>
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WazirX Plans to Start Fresh With Exchange Re-open and DEX Launch

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