Indian crypto exchange WazirX has revealed the date for a creditor revote that, if passed, could pave the way for the long-awaited fund distribution.
The platform closed its deposits and withdrawals in response to the attack, and to this day, it hasn’t been able to resume operations. This means that the rest of the original $500 million in user funds, around $265 million, are still stuck in limbo.
Recent developments, however, have finally set things in motion. In June, WazirX’s parent company, Zettai PTE LTD, a Singapore-based entity that was responsible for handling user crypto, went to the Singapore High Court with a distribution proposal that had overwhelming support from the creditors behind it.
Now, the exchange has formally announced a date for it: July 30th. This revote will remain live until August 6th. “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,” noted WazirX in the post.
This means that for the first time in this saga, users finally have a potential timeline for distribution. Alongside the distribution process, the exchange also plans to restart operations.
The court had previously rejected the plan due to concerns about compliance with Singapore’s Financial Services and Markets Act (FSMA) and the involvement of Panama-based Zensui in the distribution process. The greenlight came as Zanmai Labs, the Indian company behind the exchange, was instead tasked with handling the funds.
It now remains to be seen whether creditors will vote in favor of the amended proposal, as they did for the last one, and potentially allow for an end to the long saga.
Since this selloff, Bitcoin has been locked in sideways movement, with its price still floating around the $118,300 mark today.
