WazirX granted a four-month moratorium by Singapore court to resolve aftermath of $230 million hack

In a relief to WazirX, a Singapore court has granted the Indian crypto exchange a four-month moratorium, giving time to the company to resolve the aftermath of a major hack that led to the loss of over $230 million.

“The court noted that from the onset of the proceedings, WazirX has actively engaged with creditors. The court acknowledged WazirX’s prompt response in filing for the moratorium. This action paves the way for the fastest, creditor-approved, and legally binding resolution to restore crypto balances, ensuring a fair and timely outcome for all stakeholders,” Wazir X said in a post.

Conditions

As part of the court’s conditions, WazirX will make wallet addresses public via a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinized by independent parties.

“The court has recognized WazirX’s proactive steps and our dedication to formulating a quick and effective scheme of arrangement. We are working diligently with our advisors and stakeholders to develop a comprehensive plan that addresses the needs of the parties involved. WazirX appreciates the court’s trust and confidence in our actions,” the exchange added.

WazirX had earlier requested six months’ protection while it restructures its liabilities after losing $234 million, or 45 per cent of customers’ funds, to a cyberattack in July. The request was made by Singapore-incorporated Zettai, whose subsidiary Zanmai India operates the exchange.