look news india
Rubbing salt on the wounds of users in the case of the biggest ever theft of crypto assets worth Rs 2,000 crore in India on July 18, crypto exchange WazirX has said that it will return only 55 percent to 57 percent of the total amount. Due to this trend of crypto exchanges, customers have lost 43 percent of their funds. The biggest thing is that most of the customers of this crypto exchange operating globally are Indians.
The crypto exchange recently issued a statement saying that even though the company is considering restructuring, the users (customers) affected by the recent cyber attack will not be able to get their entire money back. The company plans to return 55 per cent to 57 per cent of the money to the users. Only this amount can be returned to the customers with the benefit of restructuring. The Indian crypto exchange platform also said that it is restructuring and is looking for a white knight to provide capital and further partnerships and collaborations under it. This crypto exchange has 43 lakh customers. Most of them are in India. Deposits and related activities in India are managed by Zanmi Labs Incorporated. Earlier, crypto deposits and related transactions were handled by Binance till January last year. After this he announced to stop providing services to WazirX.
The debt moratorium was needed to give Zettai, the Singapore-based parent company of WazirX, time to work with potential unsecured creditors, the crypto exchange company said, amid pressure from customers to return their funds, so that a restructuring proposal could be prepared, which could be voted on and approved by creditors.