WazirX Moratorium: The Indian Exchange Secures Four-Month Moratorium from Singapore Court After $234M Hack

WazirX Moratorium: The Hacked Exchange to Release Book of Accounts After Singapore Court Moratorium Ruling

WazirX, an Indian cryptocurrency exchange, released a statement on Thursday announcing that a Singaporean court has granted the company a four-month moratorium subject to certain requirements. WazirX has been imposed with requirements, such as disclosing the addresses of its wallets via a court declaration, answering users’ inquiries, releasing its book of accounts in six weeks, and guaranteeing that any subsequent voting on the course of action takes place on a separate platform. WazirX applied for a six-month moratorium with the Singapore High Court after suffering a $234 million hack that resulted in the loss of roughly 45% of its customers’ funds.

WazirX Founder Defends Moratorium as Fastest, Fairest Path After $234M Hack

Legal counsel for the cryptocurrency exchange had earlier stated that WazirX clients are unlikely to receive a cryptocurrency payout. The judge requested WazirX’s attorneys to think about disclosing any information about the exchange’s assets outside of the tokens it was holding during the hearing on Wednesday. An industry insider added that the judge stated that the exchange behaved in good faith by stepping forward and requesting a moratorium.

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,

Nischal Shetty, Founder of WazirX

For more up-to-date crypto news, you can follow Crypto Data Space.