BENGALURU: Crypto exchange WazirX has said it will initiate the process of forming a Committee of Creditors (COC) by October 9, and it aims to hold the first COC meeting within a week of the formation of the COC.
Creditors, who are users affected by the hack, will be sorted in terms of smallest claims to largest and with this overall list being broken into 10 separate tranches each representing 10% of claims, with the sum of all tranches amounting to $546.5 million of claims, WazirX said.
Creditors who have been selected for the Contingent Creditor Pool and subsequently indicate their interest to be a COC member within the stipulated deadline will form the Potential COC Member Pool. 1 Creditor from each Tranche of the Potential COC Member Pool will be selected at random to form the COC of 10 Creditors, each within a different Tranche of total Claims, WazirX explained.
WazirX was hacked in July resulting in the theft of digital assets worth above Rs 2,000 crore, and last month it said that users may not be able to receive their funds in full.
The company and its advisors will be holding the third Townhall on October 4. Recently, WazirX has been granted a four-month moratorium by the Singapore Court under certain conditions. Earlier, Singapore-headquartered Liminal Custody, which is an estranged security partner of WazirX, had claimed that as per the audit findings, the breach might have occured from the crypto exchange side.