This is the first time Nischal Shetty clearly talked about the current status of the WazirX crypto exchange ahead of the upcoming voting event for the exchange’s restructuring scheme.
Summary
- Nischal Shetty invites WazirX customers to ask questions regarding their doubts about the WazirX restructuring scheme.
- Shetty confirms 19 March as the official date to start the voting on the restructuring scheme.
- In response to a question, the WazirX CEO explained that WazirX customers will get RT Token and also DEX tokens against their compensation.
On 2 March 2025, Nischal Shetty, the CEO of struggling crypto exchange WazirX, invited all the WazirX users to ask questions related to the WazirX Restructuring Scheme & other confusions.
He clarified that if the majority of the WazirX customers vote Yes to support the exchange’s Restructuring Scheme, then the exchange will release the customer’s funds, which are available in liquid funds, instantly to the customers on day 1 when the exchange re-start.
According to Nischal, there are huge chances that the exchange will be live back in April or May of this year.
WazirX CEO also indirectly showed his frustration over the 100% funds compensation and said that the exchange doesn’t have money to compensate the customers overnight because the majority of the funds were drained in the hacking incident but if the WazirX customers will support then WazirX will not only revive its life but also refund fully with DEX tokens.
All the WazirX creditors will get RT tokens and the value of each RT Token will depend on the value of the hacked funds. In addition to RT tokens, the exchange will also distribute DEX tokens & the value of the latter will depend on the market performance,” Nischal explained to a crypto user
In response to a WazirX customer who asked for a refund of funds that were deposited by him after the hacking incident, Nischal indirectly said that the funds are now part of WazirX’s liquid funds and the restructuring scheme is all about the compensation against the user’s fund.
In response to a question about the exact date of voting start on the WazirX restructuring scheme, nischal confirmed that it will start on 19 March. If all the customers will vote yes, then WazirX will be required to get only court approval to go with the scheme.
It is worth it to note that many Crypto X users raised a very big question against Nischal’s tweet and said that his tweet was a direct pressure on the WazirX customers to vote for yes.
Some serious crypto X users said that if WazirX customers vote against the restructuring scheme, then there is a huge chance that the WazirX platform will fail to reach any conclusion on the compensation plan, and probably it may take multiple years to liquidate the exchange’s assets, so it is better to go with the exchange’s proposed restructuring scheme.
Read also: Following the US Crypto Strategic Reserve announcement, Cardano pumps 76%
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
