# Voting for WazirX Restructuring: Experts Weigh In

The cryptocurrency community is abuzz with the upcoming voting on the restructuring scheme proposed by WazirX following the hacking attack that resulted in a staggering $234.9 million (around ₹2,000 crore) loss last year. As users affected by this incident prepare to cast their votes, experts are urging them to consider the restructuring as the best option for their recovery.

## A Difficult Choice Ahead

According to Sidharth Sogani Jain, Founder of Crebaco and CEO of Blue Aster Capital, users are facing a daunting situation regardless of which path they choose. "Either way, they will have to bear a loss, either in terms of time or lose out on valuation," he said. The wallet hacked was Ethereum, but there were users who had bitcoins, making it challenging to determine the value of their stolen assets.

## Liquidation: A Risky Alternative

If the users vote "no" and opt for liquidation instead, they will likely receive lower recoveries. Jain warned that this option poses significant risks, particularly since crypto prices have increased by 35-40% since the hack. This means that users may not benefit from the price rise of crypto.

## The Benefits of Restructuring

On the other hand, the restructuring scheme offers a better outcome for affected users. According to Snigdhaneel Satpathy, Partner at Saraf and Partners, if users vote in favor of the scheme, they will not only get back their lost assets but also be entitled to profit sharing. There will be some control over the outcome, which is a significant advantage.

## The Benefits of Voting Yes

Satpathy stressed that voting "yes" means users are essentially investing in WazirX's recovery and future growth. He noted that this option provides at least some degree of control over the outcome, whereas liquidation would strip the company of its assets.

## Regulatory Oversight: A Must

Businessline also spoke to other industry experts about the need for regulatory oversight. Nischal Shetty, Founder of WazirX, argued that the restructuring process would be one of the fastest resolutions in crypto history, with users able to access liquid and recovery tokens within 10 days.

However, Satpathy emphasized the importance of regulation in preventing such incidents from happening in the first place. "There is nothing a user can do other than check the credibility of a company," he said. He stressed on the need for some form of regulation, even if it starts with a self-regulatory body that looks at advertising standards and issues certificates to compliant exchanges.

## Conclusion

As users prepare to vote on WazirX's restructuring scheme, experts are urging them to consider the benefits of this option. With the potential for higher recoveries and profit sharing, voting "yes" could be the best decision for those affected by the hacking attack. However, regulatory oversight is crucial in preventing such incidents from happening in the future.

In a world where cryptocurrency transactions are increasingly vulnerable to risks, it's essential that users take steps to protect themselves. By being informed and vigilant, they can make informed decisions about their investments and participate in shaping the future of the crypto industry.

### WazirX Restructuring Scheme: Key Facts

* Users affected by the hacking attack will have the opportunity to vote on how they want to recover their stolen assets. * The restructuring scheme offers a better outcome than liquidation, with users potentially receiving higher recoveries and profit sharing. * If the users vote "yes," they will receive access to liquid and recovery tokens within 10 days of the scheme being effective, which can be redeemed over the next three years.