WazirX reports $478.5 million in token assets

WazirX, a cryptocurrency exchange, has announced that it has $478.5 million in token assets. This comes as investors prepare to vote on a restructuring plan for the company. The vote will determine if WazirX will restart its operations. The company's parent organization, Zettai, confirmed the asset verification completed by an independent assessor. As of mid-January, they verified the control and amount of assets held with BitGo and major exchanges. This verification indicates a significant amount of cryptocurrency assets available. WazirX's operations were halted last year after a major hack that resulted in the loss of over $230 million. The company is now seeking to restructure under Singapore's legal system. Supporters of the restructuring believe it will help expedite the recovery of funds for affected customers. They suggest that operations could resume shortly after the vote. Conversely, some investors think that voting against the restructuring could lead to a liquidation process similar to other failed exchanges, potentially offering them a better recovery for their assets. WazirX acknowledged that if the restructuring does not pass, the timeline for any recovery remains uncertain. The voting period begins today, March 19, and will last until March 28. Independent assessors Joshua Taylor and Henry Anthony Chambers were involved in verifying the assets for WazirX. Their work is part of an ongoing effort to resolve WazirX's financial challenges.