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WazirX Gets Some Respite As Singapore Court Grants Crypto Exchange Four-Month Moratorium
Inc42
·
10m ago
Medial
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.
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Related News
WazirX To Set Up Committee Of Creditors After $234 Mn Hack
Inc42
·
10m ago
Medial
- 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
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WazirX files moratorium application with Singapore court under insolvency act, seeks to restructure liabilities | Mint
Livemint
·
11m ago
Medial
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.
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WazirX Eyes 'Panama' for Fresh Start After Revival Plan Rejected in Singapore
OutlookIndia
·
2m ago
Medial
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.
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WazirX Plans To Resume Trading, Launch New Decentralised Exchange
Inc42
·
9m ago
Medial
WazirX, a cryptocurrency trading platform, is planning to resume trading by implementing a Singapore scheme of arrangement. The scheme aims to provide liquidity and additional recoveries to WazirX users through rebalancing and tokenisation. Additionally, Zettai Pte Ltd, the company behind WazirX's crypto assets, will be launching a decentralised exchange (DEX) as a means to initiate recoveries.
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ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock
Economic Times
·
2m ago
Medial
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.
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Zettai seeks court approval for WazirX creditors meeting and scheme of arrangement
Economic Times
·
8m ago
Medial
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.
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CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds
Inc42
·
11m ago
Medial
CoinSwitch, a crypto exchange, has announced that it will take legal action against WazirX, another crypto exchange, in order to recover 2% of its funds that are currently held by WazirX. CoinSwitch had a total of INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX. WazirX suffered a security breach on July 18, which led to the withdrawal of around $234.9 Mn in the early European hours.
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WazirX To Reopen INR Balance Withdrawals Starting Aug 26
Inc42
·
11m ago
Medial
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.
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Why WazirX will find it hard to recover stolen cryptos even with $23 mn bounty
Livemint
·
1y ago
Medial
Indian cryptocurrency exchange WazirX is offering a $23m bounty to white hat hackers and cybersecurity professionals to help recover over $230m worth of digital assets stolen from one of its wallets. The hack occurred earlier this month, with the attackers bypassing the security measures of a multisig crypto wallet. WazirX has alleged that the compromised wallet was managed using Liminal’s infrastructure, while Liminal has blamed WazirX and claimed that the hack originated from within the exchange's systems. The bounty is one of the largest offered in the crypto industry and will be active for three months.
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WazirX seeking capital to return funds stolen in ₹1,965-cr hack
Internet
·
11m ago
Medial
WazirX is seeking capital to return users' funds that were lost after the crypto exchange suffered a ₹1,965-crore hack. WazirX said in a virtual press conference that restructuring of its crypto balances will take at least six months and 55% of users' balances will be returned to them. "About 45% [funds] will be required as restructuring costs," the exchange said.
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