Wazirx lost $230 million (RoughhlyRs. 19,000 crore) for two months (RoughhlyRs. 19,000 crore), and Wazirx is still looking for ways to incorporate its community members into the ongoing restructuring process. The troubled cryptocurrency exchange announced that it is setting up a “Corresors Commission” (COC). Zettai, a majority stakeholder entity based in Singapore, will oversee the establishment of the COC, a setup that will include 10 members selected through a two-step process from the creditor pool, which demonstrates interest in joining the committee.
“Creditors will be sorted by the minimum claims for the largest claim, the overall list is divided into 10 individual stocks, each with 10% of the claims, with the sum of all branches of USD 546.5 million (approximately Rs 4588 crore) (approximately Rs 4588 crore). “A COC member will be randomly selected from each COC member pool.”
Zettai may be required to file the status of a selected COC member in a Singapore court, which recently granted Wazirx a four-month moratorium on its financial restructuring. Zettai is working with financial restructuring company Kroll to develop plans.
The first phase of member selection is expected to end on Thursday, with Zettai planning to send emails to specific creditors identified in Phase 1. These creditors will have to show that they are interested in becoming COC members by October 7. It is estimated that the second phase of the selection phase will be completed on October 8, with the final selected ten members being offered on October 9.
The blog post states: “The goal of the company (Zettai) and its consultants is to hold the first COC meeting within one week of the establishment of the COC and will notify at least all recommended COC meetings to the selected COC members.”
Wazirx’s reaction to the decision has surfaced on social media, with people asking about the potential benefits of establishing COCs during the reorganization process. The exchange is scheduled to host its third virtual town hall meeting on Friday to explain the COC selection process, with more details expected in the coming days.
