PANews reported on December 19 that Indian crypto exchange WazirX released a "key update on rebalancing and allocation" on the X platform. The exchange was previously in trouble due to the theft of $230 million in July. WazirX wrote: "Under the creditor-approved and court-endorsed plan: ① Net liquid platform assets will be rebalanced to ensure fair value distribution and maximize recoveries. After the plan takes effect, plan creditors will receive the first distribution of rebalanced liquid platform assets in the form of tokens within 10 business days. ② Recovery tokens (RTs) will be issued, and the company will use these tokens to further distribute recovery funds to plan creditors from surplus, illiquid wallet asset recoveries and stolen asset recoveries, enabling plan creditors to capture potential market upside opportunities. If the net recovery amount available to purchase RTs exceeds US$10 million, the company will provide plan creditors with quotes to purchase RTs every quarter; amounts below this amount will be deferred to the next quarter for similar purchasing power assessments. ③ Future trading features of RTs are being evaluated to provide creditors with additional flexibility. ④ To ensure a smooth process, withdrawals of any distributions made under the plan must comply with KYC and risk management requirements."
WazirX releases creditor-approved and court-sanctioned asset rebalancing and distribution plan
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