A WazirX está considerando todos os usuários com saldo na exchange no momento do hack de US$ 230 milhões como credores contingentes sem garantia. A controladora Zettai Pte Ltd. também está formando um Comitê de Credores (COC). A declaração diz que o COC consultará a empresa e os seus consultores, fornecerá feedback sobre as prioridades dos credores e monitorizará o progresso da reestruturação. Contudo, o papel do COC é supostamente consultivo e a empresa não é obrigada a incorporar todas as recomendações no processo de reestruturação.
Dia 78 #WazirX @NischalShetty , quais serão os benefícios de se tornar membro deste comitê se você não estiver implementando nenhuma sugestão dos membros do COC neste esquema de reestruturação de credores @WazirXIndia Faça o que quiser, mas nunca tente brincar com os sentimentos dos usuários pic.twitter.com/5TV4eJkzYU
— Sandeep Jaswal (@iSandeepJaswal) 3 de outubro de 2024
The exchange says that the identity of each COC member will be kept secret from the general group of creditors for privacy and security reasons unless asked otherwise by the member. Once a user accepts a role in the committee, the statement adds, “COC members will need to attend COC meetings to be able to discharge their responsibilities as a COC member.” The company rules add a list of codes of conduct for COC members. For instance, inactive members will be removed from the COC. They also need to disclose any potential conflict of interest and adhere to the confidentiality policy. Meanwhile, COC members have the same scheme voting rights as general creditors.
For the formation of the COC, creditors will be segmented into tranches based on claim value. 1% of creditors from each tranche will be randomly selected for the COC.
As per the company statement, phase 1 will be completed by October 3 and Phase 2 will conclude by October 9, 2024.
The July hack reportedly impacted 40-50% of the customer funds with WazirX. Under phase 2, the exchange claims to be allowing up to 66% of the fund withdrawals to its users. Meanwhile, the company is under the 4-month moratorium granted by the Singapore courts last month. The COC is part of the conditions imposed by the court. The court mandated that the company respond to user queries and keep independence in its decisions.
WazirX users are also disappointed that the Indian government has not issued a statement on the hack despite imposing a crypto transaction tax of 30%. As per the official data of the exchange, WazirX had 16 million registered users. According to Moneycontrol, only 4.4 million users had crypto balances at the time of the hack. The recent statement confirms, “The Creditor base is presently heavily weighted by count towards low value Claims, with 87% of Creditors by count representing less than 8% of the total Claims by value.”
According to these figures, 13% of users have a claim to 92% of total funds with the exchange. Hence there seems to be only 572,000 high-value claims among the WazirX creditors at the time of the hack.