WazirX creditors will vote to decide whether to approve the restructuring plan extended to 5 years

ChainCatcher news, WazirX creditors will decide in the coming weeks whether to start receiving compensation in cryptocurrency as early as April 2025 or face a long recovery process that could extend to 2030.

This vote comes after a ruling by the Singapore High Court, which allows the troubled Indian exchange to seek a restructuring plan instead of facing liquidation, depending on whether three-quarters of the creditors approve the recovery plan.

If the threshold is met, WazirX will launch a phased compensation plan, including the launch of a DEX, the issuance of recovery tokens, and the implementation of regular buybacks to compensate affected users.

If the vote fails, the platform will be forced into liquidation, and the company noted that this process could take years, with reduced returns for creditors. Although WazirX claims that creditors can recover up to 80% of their balances through its new DEX and recovery token model, the proposed recovery plan remains controversial.

Many users remain skeptical, and some critics argue that the five-year delay is a strategic maneuver aimed at forcing creditors to accept the new platform rather than a genuine recovery initiative.