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WazirX files moratorium application with Singapore court under insolvency act, seeks to restructure liabilities | Mint

Livemint

Livemint · 10m ago

WazirX files moratorium application with Singapore court under insolvency act, seeks to restructure liabilities | Mint

Zettai Pte Ltd, the parent company of WazirX crypto exchange, has filed for a moratorium with the High Court of Singapore following a hacking attack that led to the loss of $230 million in crypto assets. The moratorium will give the company time to develop a restructuring plan to address users' cryptocurrency balances on the platform and facilitate recovery for users. The company will receive an automatic 30-day moratorium period, during which the High Court will decide whether to grant the request. The financial impact of the cyberattack will be allocated among users who rank equally as unsecured creditors.

Related News

WazirX To Set Up Committee Of Creditors After $234 Mn Hack

Inc42 · 9m ago

WazirX To Set Up Committee Of Creditors After $234 Mn Hack

- WazirX forms a committee of creditors (CoC) after suffering a $234 Mn hack - The committee will be comprised of 10 members, including affected users, to provide advice and feedback on the restructuring plan - A Singapore court has granted WazirX a conditional four-month moratorium - The cryptocurrency exchange is rushing to restructure its liabilities following the hack - The committee formation deadline is set for October 9th

WazirX Gets Some Respite As Singapore Court Grants Crypto Exchange Four-Month Moratorium

Inc42 · 9m ago

WazirX Gets Some Respite As Singapore Court Grants Crypto Exchange Four-Month Moratorium

WazirX, a cryptocurrency exchange that experienced a significant hack, is required to disclose wallet addresses through a court affidavit and address user queries during court proceedings. The exchange lost around 45% of its customers' funds in the hack. WazirX has filed an application with the Singapore High Court for a six-month moratorium as a response to the incident. Nischal Shetty, CEO of WazirX, believes that filing for the moratorium was a decisive step for the company.

Zettai seeks court approval for WazirX creditors meeting and scheme of arrangement

Economic Times

Economic Times · 7m ago

Zettai seeks court approval for WazirX creditors meeting and scheme of arrangement

Zettai Pte Ltd, the company in charge of managing crypto assets for WazirX, has applied to the Singapore High Court to convene a meeting of WazirX creditors. If approved, the meeting will discuss and potentially approve a scheme of arrangement. The scheme aims to provide a structured roadmap for creditor recovery. Once permitted by the court, Zettai will present the proposed scheme to creditors for voting, which requires majority approval and court sanction. The affidavit filed by Nischal Shetty, director of Zettai, supports the application. The court is yet to hear the matter.

WazirX To Reopen INR Balance Withdrawals Starting Aug 26

Inc42 · 10m ago

WazirX To Reopen INR Balance Withdrawals Starting Aug 26

Indian cryptocurrency exchange, WazirX, has announced that users will only be able to access 66% of the funds in their wallets. The remaining 34% of INR balances are currently frozen due to ongoing disputes and investigations by enforcement agencies. WazirX plans to file an application in the High Court of Singapore to allow the platform time to pursue a restructuring under a scheme of arrangement.

NCLT defers Go First insolvency decision, awaits high court order

Livemint

Livemint · 1y ago

NCLT defers Go First insolvency decision, awaits high court order

The National Company Law Tribunal (NCLT) has halted its decision on the pleas of lessors in the Go First insolvency case, awaiting the Delhi High Court's ruling on the deregistration of aircraft. The NCLT stated that the application of the Ministry of Corporate Affairs' recent notification, exempting aircraft from the moratorium under the Insolvency and Bankruptcy Code (IBC), should be determined by the Delhi High Court. The case has been adjourned until April. Go First, which declared bankruptcy in May 2023, has received two bids for its revival.

WazirX Eyes 'Panama' for Fresh Start After Revival Plan Rejected in Singapore

OutlookIndia

OutlookIndia · 1m ago

WazirX Eyes 'Panama' for Fresh Start After Revival Plan Rejected in Singapore

Crypto exchange WazirX faced a major setback as the Singapore High Court rejected its restructuring plan after a $235 million cyber heist. The court cited regulatory lapses, and despite creditor backing, the proposal was dismissed. In response, WazirX plans to relocate operations to Panama through Zensui Corporation to bypass stringent Singapore regulations. The move comes after North Korean hackers allegedly stole a significant portion of the exchange's crypto reserves, prompting discussions on cybersecurity in the crypto sector.

ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock

Economic Times

Economic Times · 1m ago

ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock

WazirX, an Indian cryptocurrency exchange, faced a setback when the Singapore High Court dismissed a restructuring plan by its parent company, Zettai Pte Ltd, after a $235 million cybertheft. The court ruled the proposal invalid as Zettai isn't registered in India. WazirX plans to appeal. The cyberattack, potentially linked to North Korean hackers, attracted FBI interest. Meanwhile, India may soon introduce policy discussions on cryptocurrency frameworks.

Amazon ecommerce business acquirer Benitago files for bankruptcy

Economic Times

Economic Times · 1y ago

Amazon ecommerce business acquirer Benitago files for bankruptcy

Benitago Group, an Amazon e-commerce business acquirer, has filed for bankruptcy in the US, citing assets and liabilities ranging from $50 million to $100 million. The company, which connects with Amazon business owners looking to sell, plans to restructure its debt and potentially sell parts of its business during bankruptcy. Benitago had raised approximately $380 million in equity and debt for acquiring brands selling on Amazon's marketplace. Its rival, Thrasio, has also faced similar challenges, including layoffs and executive departures.

Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach

Livemint

Livemint · 8m ago

Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach

The Supreme Court has overturned a previous order by the National Company Law Appellate Tribunal (NCLAT) that had halted insolvency proceedings against Byju's, an edtech company in India. The court ruled that Byju's must follow the established protocols under the Insolvency and Bankruptcy Code (IBC) to address its debt owed to the Board of Control for Cricket in India (BCCI). The court also directed Byju's to deposit the settlement amount into an escrow account controlled by the Committee of Creditors (CoC). The Supreme Court criticized the NCLAT for misusing its powers and bypassing proper procedures in permitting the withdrawal of the insolvency application.

WazirX $230-million heist: Singapore court allows WazirX parent to hold meet with crypto users

Economic Times

Economic Times · 5m ago

WazirX $230-million heist: Singapore court allows WazirX parent to hold meet with crypto users

The Singapore High Court has allowed Zettai Pte Ltd, WazirX's parent company, to hold a meeting with affected users to propose a recovery scheme for the USD 230 million stolen in a July 2024 cyberattack. The plan includes issuing recovery tokens and a potential platform relaunch. The court found no evidence implicating Zettai in the attack and granted a 16-week moratorium. Approval from creditors and the court is needed for the plan to take effect.

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