WazirX releases asset rebalancing and distribution plan, will issue recovery tokens to compensate for stolen losses
ChainCatcher news, Indian cryptocurrency exchange WazirX has released an asset rebalancing and distribution plan, which has been approved by creditors and recognized by the court. The plan includes four main components:
The net liquid platform assets will be rebalanced to ensure fair value distribution, and the first distribution to creditors will be made in the form of tokens within 10 working days after the plan takes effect.
Recovery Tokens (RTs) will be issued to allocate subsequent recovery amounts from surplus, illiquid wallet assets, and stolen assets. When the net recovery amount available for purchasing RTs exceeds $10 million, WazirX will provide creditors with the opportunity to purchase RTs quarterly; if below this amount, it will be deferred to the next quarter for assessment.
The future trading functionality of RTs is being evaluated to provide creditors with additional liquidity options.
All distribution withdrawals must strictly comply with KYC and risk management requirements to ensure process compliance.
