WazirX Fund Recovery: Singapore Court Hearing Set Amidst Growing User Frustration
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One Year On: Community Demands Resolution
July 18 will mark exactly one year since the significant security breach, and affected users are still awaiting a resolution for their lost funds. The prolonged delays have led to considerable discontent, with the exchange now even suggesting a potential re-vote on the proposed arrangement. The scheme aims to facilitate the recovery of funds for all affected users, but its path forward remains contentious.
Adding to the complexity, a user identified as Romy Johnson recently filed a detailed 40-page affidavit. This filing specifically demands the return of unhacked funds, alleging that WazirX concealed a Panama shell entity and improperly reclassified assets. While seeking clarity for specific individuals, such independent legal actions raise concerns about potentially derailing the broader fund recovery efforts.
The Risk of Further Delays
There is a palpable worry within the WazirX community that Johnson's affidavit, similar to one filed in April that caused previous delays, could jeopardize the entire recovery plan. If the Singapore court rejects the scheme of arrangement due to these new legal challenges, it could mean that no users, including those with unaffected tokens, would receive any compensation. Experts emphasize the paramount need for collaboration among all stakeholders to ensure a fair and timely recovery of funds, stressing that any action that fragments the process could harm all users in the long run.
