Unveiling the Latest Updates on WazirX and Bitcoin
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WazirX Sets New Timeline for Creditor Vote
In a significant update, Indian cryptocurrency exchange WazirX has announced the timeline for a crucial creditor revote. If approved, this decision could initiate the long-anticipated distribution of funds. The exchange fell victim to a notorious cyberattack last year, orchestrated by hackers associated with the North Korean Lazarus Group. The breach resulted in the loss of nearly $235 million in digital assets.
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Following the attack, WazirX halted its deposit and withdrawal operations, leaving approximately $265 million of the original $500 million user funds inaccessible. However, recent developments have provided hope for affected users. In June, Zettai PTE LTD, the Singapore-based parent company of WazirX responsible for managing user assets, presented a distribution proposal to the Singapore High Court. This proposal received strong backing from creditors, but was initially rejected.
Earlier this month, the company returned to court with a revised plan, which was subsequently approved. WazirX announced that another creditor vote is necessary for the proposal to proceed. The exchange has now confirmed the date for this critical revote: it will commence on July 30th and conclude on August 6th. WazirX stated, “If the requisite majority of creditors vote FOR the Scheme once again, the token distribution will start within 10 business days after the Scheme is effective, just as planned.”
This marks the first time users have a potential timeline for distribution, providing a glimmer of hope. Additionally, WazirX plans to resume operations alongside the distribution process. Nischal Shetty, CEO of WazirX, expressed optimism in a recent post, noting, “A restart will also help us work towards generating profits and distributing it back to all creditors.”
Initially, the court rejected the plan due to concerns related to Singapore’s Financial Services and Markets Act (FSMA) and the involvement of Panama-based Zensui in the distribution process. The approval was granted after Zanmai Labs, the Indian entity behind WazirX, was entrusted with managing the funds.
It remains to be seen whether creditors will approve the amended proposal, potentially bringing an end to this prolonged saga.
Bitcoin Investors Engage in Massive Profit-Taking
Recently, Bitcoin investors have embarked on a significant profit-taking spree, with realized profits reaching a staggering $3.3 billion, according to CryptoQuant author Darkfrost in a recent post.
Following this substantial selloff, Bitcoin’s value has experienced sideways movement, with its current price hovering around the $118,300 mark.
This price stagnation indicates that the cryptocurrency is struggling to establish a clear direction in the market.
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