Crypto Exchange’s Fate Hangs by a Thread! 😬

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Ah, WazirX. A name once whispered with the fervent hope of digital riches in India, now a cautionary tale akin to a farmer attempting to harvest a field of thistles. It has, one might say, *approached* a resurrection, if one can call it that, after its creditors – those burdened souls who entrusted their fortunes to this volatile venture – have offered a nod, a mere inclination of approval, to a plan for its revival. But let us not mistake this for triumphal return! The specter of a ₹2000 crore theft, a sum large enough to bankrupt a minor principality, still looms large, keeping the exchange shuttered since that fateful day in July of last year.

The Creditors Speak (and Mostly Agree)

The second attempt to garner consensus amongst these creditors, a process as tedious and fraught with uncertainty as a landowner negotiating with tax collectors, concluded on August 6th. A staggering, *almost* unanimous 95.7% of them, judging by the count of heads, and 94.6% if one measures by the value of their claims (which, naturally, is the more important metric), have declared their support. One almost feels pity for the small minority who dared to dissent; they likely sought a more… *robust* repayment plan, perhaps involving the confiscation of the hackers’ ill-gotten gains, a pursuit as likely to succeed as capturing smoke with a sieve. Of the nearly 150,000 souls who laid claim to a portion of the missing funds – amounting to a rather impressive $206.8 million, one wonders where such wealth resided before its digital disappearance – nearly 143,000, representing $195.7 million, have essentially resigned themselves to waiting, and hoping.

📢 Update on Amended Scheme of Arrangement Revote

95.7% of voting Scheme Creditors supported the Amended Scheme of Arrangement. The Amended Scheme was also supported by 94.6% of associated Approved Claims. This outcome reaffirms the strong support shown in the first round of…

– WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 18, 2025

It is noteworthy, though perhaps not entirely surprising, that participation in this second vote was slightly higher than the first. One suspects desperation, a quiet acknowledgement that a small concession is preferable to no concession at all. The detailed accounting of this democratic-ish process is available for inspection on the WazirX app and website, though one doubts many will pore over it with any enthusiasm – it is, after all, rather like examining the entrails of a failed endeavor.

Messrs. Taylor and Chambers, diligent representatives of Alvarez & Marsal, have independently verified these results, and Zettai Pte Ltd, the Singaporean entity tasked with administering this restructuring – a rather grand title for what is essentially a damage control operation – has even hastened the process. Such efficiency! One wonders if they too feel a sense of…urgency.

Mr. Shetty, one of the founders of this enterprise, has declared this vote a “turning point.” A boastful claim, perhaps, akin to a gambler proclaiming victory after a single lucky hand. He awaits the court’s decision with bated breath, promising a swift resumption of operations should approval be granted, within a mere ten working days, no less. One might suggest he temper his expectations; the wheels of justice, like the gears of a poorly maintained clock, often turn with agonizing slowness.

A Year of Waiting…and Counting

Yet, for the ordinary user, the unfortunate individual who simply sought to partake in the digital gold rush, the wait drags on, extending into its fourteenth month. Fourteen months of anxiety, of wondering whether their savings have vanished into the ether, swallowed by the insatiable maw of the internet. This shutdown, this paralysis, is a stark reminder of the inherent risks involved in these novel financial schemes, a risk often glossed over by the proponents of such ventures. It is a period of anguished silence, a testament to the ephemeral nature of modern fortune.

Thousands of Indians remain locked out of their accounts, a predicament exceeding even the lengthiest bureaucratic delays. Will WazirX truly rise again? Or will it remain a cautionary tale for future generations of investors, a grim reminder that in the pursuit of easy wealth, one often finds only loss and regret? The coming weeks, and the decision of that Singaporean court, will determine its fate. Until then, it remains suspended, dangling precariously between hope and oblivion. 🧐

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2025-08-19 10:46