- WazirX will repay 85% of user funds by April 2025 if 75% of the voters agree to the restructuring plan.
- Customers have gone to the courts, but Indian courts have not taken any action.
- Results will be declared on April 8 since WazirX is waiting for Singapore Court approval.
The WazirX restructuring plan vote ends today at 6 PM IST. The vote initiated on March 19 is significant for the users who waited for months for their crypto funds to be returned.
Money was frozen since the hack in July 2024, and the vote will determine what happens next. The users, however, have limited choices. WazirX has cautioned that if the proposal is not accepted, freezing money may take longer.
WazirX’s Proposal and Fund Recovery Timeline
WazirX today committed to returning 85% of the user funds by April 2025, subject to their restructuring proposal being sanctioned by the Singapore Court. In order for the exchange to continue, 75% of the voting users that supported the proposal have to vote for it.
Three days after the voting ends today, a third-party auditor will count the votes. The outcome will be published on April 8, and WazirX will approach the Singapore High Court to seek sanction.
All this while, a large number of WazirX users have been trying to pursue legal action. The exchange already has a number of cases against it in India and Singapore.
Users had previously gone to India’s National Consumer Disputes Redressal Commission (NCDRC) hoping for some relief. But the consumer forum refused to act, since the commission felt that cryptocurrencies are neither goods nor services according to Indian law.
Legal Battles and User Frustration
Previously, users had also gone to the Delhi and Kerala High Courts but now appear to be determined to pursue redressal in the Supreme Court. Despite all of this, one big question still remains—whether WazirX will indeed refund the money of users as promised.
The majority of people are of the opinion that the exchange has not been accountable or open enough. Without any response from Indian courts, the government, or law enforcement agencies, users have very little option left to them.
Now, as voting is ending, the big question is whether this action will bring relief or if it is already too late for the users who have waited for months.
Also Read: Why Is Crypto Still a Hot Topic Despite the Market Dip?
