tl;dr
The Singapore High Court has granted WazirX a four-month moratorium order, subject to conditions. WazirX must disclose its wallets and balance, provide management reports, and involve independent oversight in restructuring plans. The exchange aims to repay customers after 45% of funds were stolen in...
WazirX ordered to disclose wallets and fulfill conditions during 4-month moratorium period
The Singapore High Court has granted WazirX a four-month moratorium order, subject to conditions. WazirX must disclose its wallets and balance, provide management reports, and involve independent oversight in restructuring plans. The exchange aims to repay customers after 45% of funds were stolen in a $230 million hack. The court's order temporarily stays repayments to stakeholders, allowing the exchange to focus on resolution, recovery, and restructuring.
The court ordered the Indian crypto exchange to publicize its wallet addresses via a court affidavit within three weeks of the moratorium order. The affidavit must provide details of the hacked wallets and what is left in the exchange’s remaining wallets. The platform also has three weeks to respond to user’s queries in the court chat room. Additionally, within six weeks, the crypto exchange must disclose its latest management accounts and balance sheet via an affidavit.
The arrangement will involve WazirX developing a binding agreement with its creditors to pay back their money within an agreed timeline. The exchange revealed that they were already working diligently with their advisors and stakeholders to develop a comprehensive plan that addresses the needs of all parties involved.
The WazirX occurred on July 18, with the hacker stealing around $230 million worth of crypto. Hacks on crypto exchanges continue to be a problem. The BingX hack recently occurred, with $43 million worth of USDT and USDC stolen in the process.
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Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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This comprehensive summary provides the key details of the article, encompassing the court's orders, WazirX's obligations, and the broader context of the exchange's hacking incident and its impact on the cryptocurrency market.