Wazirx users who have lost their money in the HACK 2023 can get some lighting soon, but not the full amount. After the court had rejected his first proposal, Wazirx submitted a new plan to return a part of the lost money. The final decision is expected by June 20.
So what’s going on and why don’t users get everything they have lost?
New deadline: June 20
Wazirx had previously submitted a restructuring plan to the Singapore Supreme Court, and offered to return user funds after the massive hack in July 2023. But the court rejected that plan on 4 June. In response, Wazirx submitted another formal request on 6 June and asked on 6 June.
Now the Singapore judge has allowed the exchange time until 20 June to present a revised plan. On that day, the court will decide whether the Wazirx proposal is acceptable or not.
Why don’t users get full funds?
By one Recent announcement of WazirxIt is planning to restart his company under a new structure. The Wazirx is even planning to move its foundation from Singapore to Panama and his company name in Rebrand to Zensui.
In the meantime, the company claims that it will return a percentage of the funds of the users, not the full amount. This means that users may only return part of their money.
Yes! If the plan is approved, Wazirx will say that her company is bankrupt and has to start again.
But here is the catch users who accept this payment can lose the right to submit legal complaints in the future.
Past lies and new promises
There have been many doubts about the transparency of Wazirx. Earlier they were unable to get a license in Singapore and later changed operations to Panama under a new name. Many believe that the new restructuring plan is simply a different way to prevent accountability.
At the moment, more than 4.4 million users are still waiting for clarity. If the new plan is accepted on 20 June, users can finally receive part of their stuck funds. But the exact amount, the method and the timeline for restitutions remain uncertain.
Until then, users can only wait and hope that Wazirx actually delivers this time.
Credit : coinpedia.org
