WazirX Hack Update: Founder Announces Bold Steps to Revive Platform

The post WazirX Hack Update: Founder Announces Bold Steps to Revive Platform appeared first on Coinpedia Fintech News

WazirX has recalled a major update in its mission to revive its functionality and gain stakeholders’ confidence. The latest happenings have been posted by founder Nischal Shetty on his Twitter, stating that the company has submitted a filing to the Singapore court to pass an order for creditors to meet.

This step opens the door to bringing a Scheme of Arrangement, which will enable creditors to approve a plan that will help in the settlement of existing financial disputes with the view to reinstate the provision of platform services.

As expounded by WazirX, the Scheme is fair and equitable to all the creditors of the Company. The company’s goal is to make the people confident in the process which is said to be transparent and hence involving.

Token Utilization for Functionality on the Blockchain

During the implementation of the Scheme, WazirX has been doing an on-chain token swap to simplify and optimise asset holding and management. To address the issue, the exchange told its users and clients that platform assets do stay safe; this is common practice, the statement prepared for dissemination to the public noted.

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Transparency at the Forefront

WazirX assured the creditors that it would provide the Scheme documents in detail next week so that people had time to study the proposal. To this end, the exchange promised a policy of trust and openness in every aspect, and to keep all stakeholders fully informed.

This is a significant step for WazirX on its path to responding to creditor concerns and reconstructing its platform amid a cryptocurrency crash that demonstrated the value of user engagement and institutional credibility.

But only time will tell if the creditors will be finally getting their funds back or keep fighting for their rights and justice over their lost crypto.