WazirX’s restructuring scheme voting for its 4.4 million users is set to end today at 6 pm IST. The voting, which began on March 19, will determine the platform’s future restructuring plans and when users can expect restoration of their crypto funds that were suspended since the July 2024 hack on WazirX exchange.
However, users have limited choices, with WazirX management warning that rejecting the restructuring proposal could lead to further suspension of funds that have been stuck for over 9 months. As of now, WazirX has promised restoration of 85% of the portfolio of every user by April 2025 if their restructuring scheme is approved by the Singapore Court. For that, WazirX needs 75% majority votes of those who have voted among the 4.4 million users.
Once the voting concludes, a three-day gap will follow before a third-party auditor begins assessing the votes. The results of the vote will be announced on April 8, after which the management is supposed to approach the Singapore HC for their approval. Amidst the ongoing issues, WazirX users have been actively seeking legal recourse with the exchange management facing multiple lawsuits in India and Singapore.
Recently, the National Consumer Disputes Redressal Commission (NCDRC) in India dismissed several complaints from users who had sought their intervention, alleging discrepancies and irregularities on behalf of WazirX management and its exchange co-founder Nischal Shetty. However, the NCDRC, which is a consumer forum in India, refused to intervene in the case, stating cryptocurrencies are neither goods nor services as per the regulatory framework.
Also Read: Crypto not Goods nor Services: WazirX case dismissed by Forum
Earlier, the users sought redress from the Delhi and Kerala High Courts, but now it appears that they are planning to seek the Supreme Court’s intervention.
A major concern that still persists for users is the lack of accountability and transparency from the exchange management. WazirX is yet to prove whether they will be able to deliver on their promise of 85% funds restoration of all users.
Meanwhile, with their funds stuck in limbo for over 9 months and the Indian judiciary, government, and law enforcement agencies refusing to intervene, there are not many choices left for WazirX users.
As the voting deadline approaches, the question persists: Will this vote serve as a pivotal moment for WazirX users, or will it come too late?
Also Read: WazirX Woos Users Amid Voting, Claiming $478.5M in Funds
