WazirX Blames Unnamed External Parties for Delay in Its Restructuring Process

• Indian exchange WazirX took shots at certain unnamed entities, accusing them of making it harder for the exchange to start its restructuring process.
• The process will allow the exchange to refund users appropriately while securing their assets simultaneously.

As the effects of the WazirX hack from July carry on, preventing its users from withdrawing their crypto, the exchange announced a restructuring plan on August 23. It also stated users could withdraw their INR (Indian Rupee) deposits in a phased manner from August 26 with a 60% discount on the withdrawal fees.

However, the platform took to X today to announce that the restructuring plan it is proceeding with is being delayed due to external parties. It has not named them yet. “Unfortunately, there are external parties, not invested in the platform, who may attempt to prolong this situation for their own reasons. Their intention appears to be maintaining uncertainty rather than finding a resolution.”

WazirX Opts for Restructuring in Singapore

WazirX has turned to Singapore to implement the restructuring, bringing in adequate legal measures to ensure it goes smoothly and users can withdraw as much crypto as possible. This measure also seeks to ensure the security of users’ assets. Nonetheless, the complicated approach has left its users confused.

In its statement issued last week, it mentioned, “We have decided to pursue a Singapore Scheme of Arrangement to facilitate an equitable and user-approved distribution of cryptocurrency assets pursuant to a Scheme. A Scheme is a necessary step to ensure that users of the platform are treated fairly and in line with user preferences so that the outcome remains legally binding on all relevant parties.”

The exchange iterated that the restructuring scheme does not imply it is undergoing “bankruptcy or liquidation.” It is slated to offer a deeper perspective to its community on this process in the coming days.

Scammers Emerge to Part WazirX From More of Their Funds

Like with any hack or scam in the crypto space, many other scammers arise to grab what they can from users looking for help to regain their funds. As crypto withdrawals remain paused on WazirX since the hack, numerous accounts have taken over social media platforms like X in the guise of help but wanting to steal users’ funds. WazirX warned users of such incidents, “We encourage caution against certain individuals who may attempt to guide you toward those options for their personal gain.”