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.

The post WazirX unveils creditor list and balance snapshot first appeared on Coinfea.

In its recent statement, CoinSwitch announced that it will kickstart a Rs 600 crore recovery program for the affected users. Aside from helping users recover bits from their losses, the exchange also seeks to acquire some of them. The initiative is coming when the embattled exchange is looking into new ventures as it prepares to repay creditors.

CoinSwitch Care launches recovery program

According to the official announcement, the exchange, through its CoinSwitch Cares program, will distribute the funds to affected users over two years. The users will choose to receive their funds in crypto or fiat currency, with the flexibility to withdraw or trade. While WazirX is yet to sanction withdrawals, the exchange says it will begin to track claims when withdrawals go live. This ensures that the funds are distributed fairly among users.

The announcement also highlighted that CoinSwitch is responsible for the funds disbursed in the program. The program is aiming to help about four million users on the platform. The exchange will distribute funds based on the user’s balance, including revenue from several rewards programs.

Eligible users will be able to receive a 10% incentive in rewards at sign-up. The exchange is also offering 5% in rewards for referring other affected users to the program. While WazirX is still visibly shaken from the $230 million loss in July 2024, its users are getting their funds through this program.

WazirX continues to wade through its issues

WazirX held its third Committee of Creditors meeting on December 12 and 14. The identical session was to furnish members with detailed information on the Scheme of Agreement as filed at the Singapore High Court on December 6, 2024.

The distribution of funds rests on WazirX’s success in making headway in landing its new business initiative. The exchange highlighted that its parent firm Zettai Pte Ltd, is still looking for ways to increase rewards for Scheme Creditors. The first distribution of rebalanced Net Liquid Platforms Asset will be held ten days after the scheme goes live.

Another Indian crypto exchange CoinDCX, had initially announced plans to step up amid the issue. The firm’s co-founder Neeraj Khandelwal said the firm wanted to absorb about 4.4 million stranded users on WazirX. The firm highlighted that it wants to help, but the bulk of the responsibility lies on WazirX’s acceptance of their gesture.

The post WazirX users in line for relief as CoinSwitch unveils $70M recovery program first appeared on Coinfea.