WazirX Granted Four-Month Moratorium By Singapore Courts

WazirX has recently taken significant steps to navigate legal hurdles and restore trust among its stakeholders after the significant hack. With a recent ruling from Singapore courts granting a four-month moratorium, WazirX is poised to address the concerns raised about its operations while reinforcing its commitment to user interests.

In a crucial ruling, Singapore courts have granted WazirX a four-month moratorium, affirming the company’s adherence to legal and procedural requirements under Section 64 of the Insolvency, Restructuring and Dissolution Act (IRDA). This significant court decision underscores WazirX’s commitment to act promptly and responsibly in the interests of all stakeholders.

Court Ruling and Stakeholder Engagement

The court took note of WazirX’s early and proactive communication with creditors during the legal process. Quickly requesting the moratorium, WazirX has opened the door for a legally enforceable, creditor-approved remedy that will restore cryptocurrency holdings. For all parties concerned, this procedure guarantees a prompt and fair resolution.

WazirX will carry out several significant measures following the court’s orders. Through a court document, the corporation will publicly reveal wallet addresses, respond to user enquiries throughout court proceedings, and provide relevant financial data.

Additionally, it will guarantee that impartial third parties oversee voting on court applications in the future. The purpose of these steps is to improve openness and re-establish confidence among stakeholders and users.

WazirX conveyed its appreciation to the court for recognising its proactive measures and commitment to creating a functional arrangement plan. With the help of its advisors and stakeholders, the organisation is putting a lot of effort into creating a complete plan that takes into account the demands of all parties. WazirX underlined that it is dedicated to finding a quick and fair solution, understanding how crucial it is to win back the trust of its users.

The $234 Million WazirX Hack

WazirX is under investigation due to shady transactions connected to its Ethereum multi-signature wallet. There have been several transactions involving the transfer of over $234.9 million in funds from the Safe Multisig wallet to a new address.

The security of user’s money and the integrity of platform transactions are called into doubt by this concerning activity. WazirX is required to maintain transparency on its actions and updates on any investigations about these transactions as it navigates these difficulties.

Aditya Singh, aka CryptoAdy, has expressed disapproval of the data about the WazirX attack that occurred earlier this year. Singh noted that the exchange first said in WazirX’s report that 42% of customer cash had been compromised, however, this percentage was then changed to 45%.