The court will provide Wazirx until June 20th and will file a final restructuring plan for approval.
Users may only receive a partial refund, not the full amount lost in the 2023 hack.
However, accepting payments could result in the loss of your legal right to sue Wazirx in the future.
Wazirx users who lost their funds in the 2023 hack may get some relief soon, but not in full. After the court rejected the initial proposal, Wazirx submitted a new plan to return some of the lost money. The final decision is expected by June 20th.
So what’s going on and why don’t users get back all they’ve lost?
New deadline: June 20th
Wazirx previously submitted its restructuring plan to the Singapore High Court and offered to return the user fund after a massive hack in July 2023. However, the court rejected the plan on June 4th.
Currently, the Singapore judge has given the revised plan, allowing exchange times until June 20th. On that day, the court will decide whether Wazirx’s proposal is acceptable.
Why can’t users get full funding?
According to a recent announcement from Wazirx, it plans to reopen its business under the new structure. Wazirx plans to move the base from Singapore to Panama and rebrand the company name to Zensui.
Meanwhile, the company claims to return the percentage of the user’s funds, rather than the full amount. This means that users can only get back a portion of their money.
yes! If the plan is approved, Wazirx will say that the company is bankrupt and they will have to start over again.
But here’s the catch. Users accepting this payment may lose the right to file a legal complaint in the future.
Past lies and fresh promises
There have been many questions about Wazirx’s transparency. Previously, they were unable to obtain licenses in Singapore and later shifted operations to Panama under a new name. Many believe that the new restructuring plan is just another way to avoid accountability.
Currently, over 4.4 million users are still waiting for clarity. If the new plan is accepted on June 20th, users will be able to receive a portion of the funds they ultimately stuck on. However, the exact amount, method and timeline of refunds remain uncertain.
Until then, users can only expect this time to wait for Wazirx to actually deliver.
