Nischal Shetty, the CEO of WazirX, recently provided some insights into the current status of the crypto exchange ahead of the upcoming voting event for the exchange’s restructuring scheme. This move comes as the exchange seeks to address the concerns of its users and gather support for its proposed plan.
Shetty invited WazirX customers to ask questions and clarify any doubts they may have regarding the restructuring scheme. He emphasized the importance of transparency and communication in the process, urging users to actively participate in the decision-making process.
The CEO confirmed that the official date for the voting on the restructuring scheme is set for 19th March. This vote will determine the future course of action for WazirX, with a positive outcome paving the way for the release of customers’ funds on the day the exchange re-starts.
In response to queries about the compensation plan, Shetty explained that WazirX customers would receive Recovery Tokens (RT) based on the value of their hacked funds. Additionally, customers would also receive DEX tokens as part of their compensation package, with the value of these tokens tied to market performance.
Addressing concerns about the availability of funds for immediate compensation, Shetty acknowledged the financial constraints faced by the exchange following the hacking incident. He underscored the importance of customer support in enabling WazirX to recover and fulfill its obligations to users.
While some users raised questions about the timing and potential implications of the restructuring scheme, Shetty remained optimistic about the prospects of WazirX’s revival. He hinted at a possible relaunch of the exchange in April or May, subject to the successful implementation of the restructuring plan.
In conclusion, Nischal Shetty’s recent statements shed light on WazirX’s efforts to address the aftermath of the hacking incident and chart a path forward for the exchange. By engaging with users, clarifying doubts, and outlining the compensation plan, WazirX aims to rebuild trust and restore its operations in the crypto market.