CandleFocus

WazirX selects 10 creditors for the CoC but there is a catch

Author: Content Editor
Indian crypto exchange WazirX has selected 10 creditors to form a Committee of Creditors (CoC), but this decision has raised transparency concerns among investors. The identities of the CoC members remain anonymous, which has led to questions about the fairness of the process. WazirX has stated that the selection was random and represents the interests of the creditors. The first CoC meeting is scheduled for October 15, with the key agenda being the establishment of a feedback process. Meanwhile, the WazirX app and website currently have withdrawals paused for maintenance. The incident highlights the need for cybersecurity awareness and protection in the crypto space. This comes as Asia experiences growth in the crypto industry, with more licenses being granted to crypto exchanges in Hong Kong and proposed rules to allow crypto investment by mutual and private funds in Thailand. Some individuals in India believe the country should allow the setup of crypto ETFs, particularly for foreign investors in its GIFT City, to provide indirect participation for Indians.

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