WazirX institutional service, the Indian crypto exchange actively working to restructure its finances and compensate affected holders, which suffered a $230 million hack in July. Now, the good news for those who suffer from this hacking is the Singapore Court has granted WazirX a four-month moratorium to finalize its financial restructuring.
Now, the Indian exchange received this relief two months ago after a $230 million cyberattack on one of its multisg wallets that held about 45% of its crypto assets.
Singapore Court Grants WazirX Four-month Moratorium
In a significant decision from the Singapore Court, the WazirX exchange has confirmed its compliance with the legal and procedural requirements under Section 64 of the IRDA.
Wazirx presented that as part of the court’s requirements, it 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.”
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) September 26, 2024
WazirX Granted Four-Month Moratorium by Singapore Courts
In a crucial decision, the Singapore courts have granted WazirX a four-month moratorium, affirming the company's compliance with the legal and procedural requirements under Section 64 of the IRDA. This decisive court… pic.twitter.com/FGWBlSNmWM
Furthermore, Singapore Court’s decision highlighted the commitment of the WazirXs to act swiftly and responsibly in the interest of all stockholders.
WazirX founder Nischal Shetty stated,
“Our immediate filing for the moratorium was a decisive step taken to ensure the fastest, fairest, creditor-approved, legally binding path to resolution where creditors have a token choice and potential upside in a bull run.”
In addition, the company said that the court acknowledged WazirX’s prompt response in applying for the stay, paving the way for the fastest, creditor-approved, and legally binding resolution to restore crypto balances.
Moreover, WazirX also stated that it will continue to provide updates on our progress and further developments. Further, the company is steadfast in our commitment to resolve this matter efficiently and equitably.
