WazirX, the infamous Indian cryptocurrency trading platform, has announced that it has successfully completed the rebalancing process for its Net Liquid Platform Assets (NLPA). As of July 18, 2024 — the date of the hack — approximately 85.25% of creditor claims will be recovered in mixed tokens, equivalent to fiat currency.
Any cryptocurrency deposited after this date is not subjected to rebalancing and is available for a complete withdrawal.
The rebalancing process aims to align the platform’s token assets with its liabilities. Creditors can now access details regarding their computed share of the rebalanced NLPA via the First Distribution page, which includes the USD value of their allocated NLPA, effective USD recovery percentage, a unique ID for tracking claims, and real-time token values on market pricing.
WazirX said that the first distribution will be completed within ten business days upon approval of the scheme.
“This value shows the recovery, in fiat equivalent, to you as a Scheme Creditor from the Rebalancing, based on the Rebalanced NLPA tokens allocated to you. Please note that this number reflects the value of said tokens at the effective Rebalancing prices and is a static number.” WazirX wrote about the USD value of the rebalanced NLPA.
However, a portion of WazirX users seem displeased with this arrangement. “The settlement favours WazirX, not the investors. They should distribute the token instead of the USDT equivalent,” WazirX user Bhavyanshu Singh told Candid.Technology. “Currently we are in the bull market, so prices are already high, and it makes no sense to accept last year’s value.”
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A breakdown of the token allocation will be available to creditors, and certain liquid tokens such as ANT, LOVELY, PUSH, GFT, OOKI, MDX, BOB, and WRX will be partially settled in USDT (Tether) or other stablecoins due to liquidity constraints.
WazirX has reiterated that this restructuring is the best path forward. The crypto exchange has warned that creditors may have to wait until 2030 for any recovery if this scheme fails.
The crypto exchange has also promised recovery tokens for future recoveries. These are essentially derived from illiquid assets and platform profits. These tokens will be allocated via airdrop if the scheme is approved by creditors.
WazirX has also announced the sixth town hall meeting with the creditors, during which they will get a walkthrough of the scheme.
Just a day before, WazirX introduced a Creditor List and a balance snapshot page to assist creditors in tracking their claims.
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