In a significant development, cryptocurrency exchange WazirX has been granted a four-month conditional moratorium by a Singapore court, following a major cyberattack that resulted in a $230 million loss. This temporary relief allows WazirX to restructure operations and address creditor concerns without the threat of legal action. The exchange is now focused on engaging with global partners for capital infusion and complying with court-mandated transparency measures.
The court has outlined specific conditions for the moratorium, requiring WazirX to publicly disclose wallet addresses, provide detailed financials, and address user inquiries raised during the proceedings. The moratorium aims to give WazirX time to recover from the breach while maintaining accountability.
WazirX’s founder, Nischal Shetty, emphasized the importance of swift action in securing the moratorium to ensure a fair and legally binding resolution for creditors.
Key Highlights:
- WazirX secured a four-month conditional moratorium after a $230 million cyberattack, allowing it time to restructure without legal pressures.
- The court mandated transparency, including wallet disclosures, detailed financial reports, and independent scrutiny of court applications.
- WazirX is in talks with 11 global exchanges for potential capital support and has signed NDAs with three.