Struggling cryptocurrency exchange WazirX has announced plans to hold a fourth digital town hall discussion to present its restructuring plan.
WazirX is a well-known crypto exchange, but it has been facing significant criticism from customers following a hack incident four months ago that resulted in the loss of nearly 50% of customer funds. Since then, WazirX has taken no substantial actions to resolve the situation, and customer funds remain frozen.
On November 5, 2024, WazirX announced it would hold its next digital town hall meeting on November 6 at 5 PM IST, where the main topic will be the exchange’s restructuring plan.
📢 Fourth Townhall AnnouncementIn this Townhall, we will introduce the new Rebalancing Calculator and discuss other value drivers that are being explored as part of the restructuring efforts.🗓️: 6th November 2024 at 5:30 PM IST🕠: Set a reminder 👉 https://t.co/0XK3BsP8Xm pic.twitter.com/lYNBA2Rdh2
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) November 5, 2024
WazirX CEO Nischal Shetty stated that WazirX leadership would share ideas aimed at bridging the gap left by the hack incident and restoring stability. He also hinted that WazirX might look to customers for support as it moves forward with the restructuring plan.
We will share some of the ideas we have been working on to help fill the gap left by the cyberattack.With your support, we will be able to generate new value for everyone through these efforts 🙏❤️ https://t.co/vUZc92Ou2E
— Nischal (Shardeum) 🔼 (@NischalShetty) November 5, 2024
Popular Indian crypto influencer Aditya Singh speculated that WazirX’s leadership may be planning to turn the exchange into a decentralized finance (DeFi) platform and could potentially launch a new token.
Apparently Wazirx team is planning to launch a Decentralized Exchange & maybe a new token.
— Aditya Singh (@CryptooAdy) November 5, 2024
WazirX Creditors Committee and Controversy
As previously reported, WazirX has established a creditors committee, allowing 10 selected customers to participate in key decisions and ensure transparency. However, none of the committee members have appeared publicly on social media to date.
Recently, a crypto-focused X user with legal expertise offered to provide guidance to any committee member willing to approach him, using a power of attorney.
#WazirX Committee of Creditors Update 🚨 If you are 1 of the 10 members on the Committee of Creditors please note that:1. You can appoint a professional – CA / Lawyer etc. to appear on your behalf using a Power of Attorney ✅2. You have all the rights to decide who will… pic.twitter.com/R7qzwsPo4W
— CA Sonu Jain (Crypto Tax Expert) (@TheWeb3CA) November 4, 2024
Many in the community speculate that the 10 members of the WazirX creditors committee may actually be employees of WazirX.
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