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

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

93
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 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.

Wazirx Moratorium: The Indian Exchange Secures Four-Month Moratorium From Singapore Court After $234M Hack
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Bitcoin Rally at Crossroads: LTH Selling and Institutional Demand

Bitcoin faces selling pressure as long-term holders reduce their exposure. Can institutional...

Bitcoin Price Soars: Could $200,000 Be Possible by 2025?

Bitcoin hits a new all-time high of $98K, with predictions pointing to...

MicroStrategy’s Bitcoin Acquisition Strategy: Bold Bet or Risky Move?

MicroStrategy's aggressive Bitcoin acquisition strategy, involving a $42 billion plan funded through...

Bitcoin Act Gains Momentum in the US: A Potential $1 Million Bitcoin Price

The proposed Bitcoin Act in the U.S., supported by Cynthia Lummis and...