WazirX CoC Backfires: Only 4 out of 10 Members Present in 1st Meeting
WazirX exchange management’s plan to introduce a secret 10 member committee of creditors (CoC) to represent its 4.4 million users, has backfired as only four members were present in its first online meet, with few even suggesting they are uncomfortable representing all users. CoC’s role will be crucial in WazirX getting their funds redistribution scheme approved by Singapore Court post the Rs 2000 crore hack.
On Friday, WazirX management released the Minutes of Meeting held between exchange, Kroll legal firm and CoC members held on October 15 online via video call. According to WazirX, only four members of anonymous CoC were present in the meet and a few members also raised concerns that they were uncomfortable representing all 4.4 million users.
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