Exchange WazirX gains deadline to create refund plan for customers

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Exchange WazirX gains deadline to create refund plan for customers
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The High Court of Singapore has granted a four-month moratorium to Indian cryptocurrency exchange WazirX following the company’s request for a temporary stay. As a result, the company gained additional time to develop a repayment plan.

This moratorium allows WazirX to create its plans without running the risk of being sued by customers. However, the court set some conditions, including full transparency of the exchange’s wallet addresses and financial records.

Meanwhile, the hacker responsible for the theft continues to move the funds taken from the exchange. Of the more than US$200 million withdrawn, there is only US$6 million left that the attacker has not yet moved via mixer and other services.

This development comes after WazirX suffered an attack that resulted in the loss of US$234 million, carried out in July this year. As Todaysgist reported, the action affected 45% of WazirX customer funds.

Court demands 100% transparency from WazirX

After the attack, WazirX refunded part of the stolen balances, but only the amount that was deposited in Indian rupees. The balances that customers had in cryptocurrencies continue without a deadline for returns, which motivated the exchange to request this moratorium.

The court granted the request, but made a series of demands that WazirX must comply with. For example, the exchange must send a legal declaration revealing all wallet addresses on the platform. Furthermore, it must release its account book in six weeks and respond to all user queries during this period.

The court also ruled that any vote on its future actions must be conducted on an independent platform to ensure fairness.

In the case judge’s view, WazirX acted in “good faith” in seeking this moratorium, creating efforts to protect its creditors while navigating a financial crisis.

WazirX, once one of India’s largest cryptocurrency exchanges, initially sought a six-month moratorium from the Singapore High Court. Nischal Shetty, the company’s founder, also defended his quick action in filing the moratorium request.

“Our immediate request for a moratorium was a decisive step towards ensuring the fastest, fairest, creditor-approved and legally binding path to resolution, where creditors have a symbolic choice and potential advantage in a bull run,” he said. But the court reduced the deadline to four months.

Exchange WazirX gains deadline to create refund plan for customers

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Exchange WazirX gains deadline to create refund plan for customers

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Exchange WazirX gains deadline to create refund plan for customers

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