WazirX Slams External Forces for Delaying Access to Funds for Users

• Strives to continue the much-needed reorganization following the recent major crypto hack, irrespective of the external interference in the company.
• WazirX offers a phased plan to withdraw INR and has reduced fees as part of the recovery plan.
• The exchange asks for legal restructuring in Singapore to guarantee a fair asset distribution process.

WazirX has dedicatedly followed a restructuring plan after a major crypto hack to save user assets. In a recent statement, the exchange said it is determined to put an end to such hiccups, but it has also disclosed how disruptive forces from outside are working to bring about the reform. 

In its latest update posted on this social media platform, X, formerly Twitter, WazirX has taken on external stakeholders who claim they are nearing the final leg of its restructuring. According to WazirX, these stakeholders work on ensuring the status quo is one of uncertainty and in the best interest of the exchange and its users. 

The company pointed out that this initiation would hinder the fast and effective settlement of problems arising after a major global crypto hacking incident, which saw WazirX itself lose $230 million in ERC-20 token value.

WazirX did not specify any external parties directly involved; the focus is on the fact that they seem to have no other choice than to work against the aims of the exchange and its users. Despite all these adversities, the company still focuses on its turnaround rescue mission and bringing business back to normal.

WazirX has now proposed a multi-stage plan to restore financial health and rescue users’ assets in response to the hack. The plan will be implemented in a phased manner starting Monday to ensure similar security and stability for INR (Indian Rupee) withdrawals. 

The recovery plan is structured to balance the immediate needs of users demanding access to their funds against the requirements of robust security protocols that prevent further vulnerabilities. WazirX has assured us that user security will be paramount throughout the restructuring process.

To augment the users’ confidence, WazirX settled for the legal recasting process under the jurisdiction of Singapore authorities, entailing a Scheme of arrangements instituted by the court, putting in place a negotiable structure in terms of fair and just exchange for all stakeholders. 

WazirX assured its users that the exchange remains fully committed to finding the best possible solution for them and promised to outline a restructuring plan by the following week.