Indian exchange WazirX has released a list of its creditors and a snapshot of its balances as of July 18, 2024. The firm mentioned that the step, in line with its transparency plan, will provide creditors with the needed information.
The firm also mentioned that the information will afford users the opportunity to see their claims amounts and current balances while maintaining data privacy. According to the exchange, users can now check their USD claim amounts using their personal UUID on the exchange.
WazirX creditors can check balances via the snapshot
The creditor list was created in descending order so it would be easy for users to find their balances when going through the list. The exchange has also included search access and a ‘Find My Balance’ button for users to easily check balance verification. The snapshot shows the detailed user balances as of July 18, 2024. The snapshot has the current user balances and deposits made after the date to help users find their balance against the current restructuring plan.
In line with its promise of transparency, the exchange has posted the creditors list and snapshot of the balances on its app so creditors can easily find their details. The recent update is coming after a recent warning from the exchange to creditors, urging them to approve the restructuring plan or risk waiting till 2030 before they are paid.
The exchange wants creditors to approve a restructuring plan
The exchange posted an image that showed two potential outcomes for those involved in the hack. According to the exchange, if the plan is approved, the process could begin as early as April, with the exchange kicking back to life, and distributing the first round of repayments. The exchange also teased a decentralized platform, while adding that it is still trying to recover funds or pay creditors through profit sharing.
However, if creditors reject the plan, things could take five years before the process of repayments is carried out. The Singapore High Court recently approved the latest restructuring plan submitted by the exchange on January 23. The court agreed to liquidation since it promised that creditors were going to the best in terms of quick repayments. The plan also meant that users could get 80% of their funds.