Summary of this article
WazirX users back revised restructuring plan post $234M hack.
SEC Chair Paul Atkins says few tokens are securities.
Google searches for "alt season" plunge amid market downturn.
WazirX users have approved a revised restructuring plan following the platform’s $234 million hack in 2024. According to Cointelegraph, more than 95 per cent of creditors voted in favour of the proposal during a week-long voting process held between July 30 and August 6. Nearly 150,000 creditors participated, representing claims worth over $206 million.
The revised plan comes after the Singapore High Court rejected an earlier version. The initial plan was rejected due to concerns about the regulatory framework for recovery tokens, which were intended to balance user accounts.
Under the new proposal, if the Singapore High Court grants approval, WazirX will be able to resume operations and begin compensating affected users. Founder Nischal Shetty stated that repayments could start within ten days of the plan taking effect. Cointelegraph reported that this timeline is shorter than the two to three months estimated earlier by restructuring advisers.
The approval of the new plan by users is a step in the process of restoring access to funds. The final outcome now depends on the decision of the Singapore High Court, which will determine whether the scheme can move forward.
SEC Chair Paul Atkins Says Only a Few Tokens Are Securities
SEC Chairman Paul Atkins has stated that only a limited number of crypto tokens will qualify as securities. Citing Cointelegraph, Atkins addressed the Wyoming Blockchain Symposium in Jackson Hole and indicated that the legal status of tokens is based on how they are being packaged and sold and, not the tokens themselves.
Atkins pointed to the SEC’s “Project Crypto,” an initiative that is working on new rules for digital assets. These rules are expected to cover token sales, trading, and other activities in the crypto market. He also noted that the SEC will continue to build its own framework while Congress discusses separate legislation on the same issue.
Cointelegraph reported that this approach is different from that of former SEC Chair Gary Gensler, who earlier said that the majority of crypto tokens should be treated as securities under the Howey test. Atkins’ statement indicates a narrower interpretation of which tokens fall under securities laws.
Meanwhile, Congress is preparing to take further steps on crypto regulation. The House of Representatives passed the Digital Asset Market Clarity Act in July. The Senate Banking Committee is scheduled to review the legislation when it reconvenes on September 02, 2025. Chair Tim Scott has stated that up to 18 Democrats could support the measure.
Google Search Interest in “Alt Season” Falls During Market Downturn
Google search interest in the term “alt season” has seen a sharp drop. Global Google Trends data shows that searches peaked at a score of 100 on August 13 but declined by about 55 per cent within a week, falling to 45 by Tuesday.
The rise in searches earlier in August happened at the same time that certain altcoins were rallying. Dogecoin and XRP gained nearly 19 per cent in the two weeks leading up to August 13. However, both tokens saw a decline of around 11 per cent over the following seven days.
The sudden surge of interest puzzled analysts. Economist Alex Krueger commented on the strange pattern and wondered on social media whether the trend data could have been affected by automated trading.
Search terms like “alt season” and “Bitcoin” are often watched by traders and analysts as signals of retail investor interest. As reported by Cointelegraph, these types of searches sometimes coincide with shifts in market sentiment and have previously been employed as indications of potential peaks in activity levels.
