The Indian cryptocurrency exchange, WazirX, has officially announced a critical upcoming vote related to its creditors that could finally enable the long-awaited distribution of funds to users.

Timeline Set for the WazirX Creditor Revote

WazirX took to X to share key updates about the distribution of user assets. The exchange notably suffered a significant security breach about a year ago, attributed to hackers associated with the notorious Lazarus Group from North Korea, resulting in the loss of nearly $235 million in digital assets.

In the aftermath, WazirX halted all deposit and withdrawal functions, leaving a staggering $265 million of user funds unretrievable. Despite the challenges, recent advancements signal the beginning of a much-anticipated resolution.

Back in June, Zettai PTE LTD—WazirX’s parent company based in Singapore—presented a revised distribution plan to the Singapore High Court, one that garnered significant backing from the creditor community.

Initially, the proposal faced rejection; however, after adjustments, it secured approval from the court. Following this green light, WazirX emphasized that another creditor vote is necessary before any distributions can take place.

The revote will occur from July 30th to August 6th, with WazirX stating, “If the majority of creditors approve the Scheme, token distribution will be initiated within 10 business days of its effectiveness.” This timeline marks a pivotal moment as users are now provided a clearer path toward potential fund recovery. Alongside this process, WazirX is expected to recommence its operations.

Nischal Shetty, the CEO of WazirX, reinforced this sentiment in a post on X, indicating that a relaunch will allow the platform to generate profits, which can then be redistributed to creditors.

Previously, the court had raised concerns regarding compliance with Singapore’s Financial Services and Markets Act (FSMA), additionally scrutinizing the role of the Panama-based entity, Zensui, in the proposed distributions. The updated approval now sees Zanmai Labs, an Indian firm, managing the funds instead.

As the decision time approaches, it remains uncertain whether the creditors will rally behind the updated proposal, a move that could finally close this extensive chapter for WazirX.

Recent Market Trends: Bitcoin’s Profit-Taking Surge

In related news, Bitcoin has recently witnessed a dramatic wave of profit-taking, totaling approximately $3.3 billion, according to analysis from CryptoQuant, shared by analyst Darkfrost on X here.

Post-selloff, Bitcoin has entered a phase of sideways trading, with its price stabilizing around the $118,300 mark.