WazirX Granted Four-Month Moratorium After $234M Hack đ„
1/ đš Breaking News:
Indian cryptocurrency exchange WazirX has been granted a four-month conditional moratorium by the Singapore High Court after a devastating hack that resulted in the loss of $234 million, affecting 45% of customer funds.
The Hack
In July 2024, WazirX suffered a massive security breach where the hacker managed to steal millions in crypto. The hacker has nearly completed laundering the funds using Tornado Cash, an infamous tool for obscuring crypto transactions.
3/ đĄïž WazirX's Response
To protect its customers and creditors, WazirX filed an urgent application for a six-month moratorium, but the court granted four months with strict conditions. This move is seen as an effort to stabilize the exchange and find a path forward.
4/ âïž Court's Conditions
The Singapore court imposed key requirements on WazirX during the moratorium:
Disclose the addresses of its wallets via a court affidavit.
Respond to user queries promptly.
Provide a complete book of accounts within six weeks.
Ensure that any future voting on resolutions is conducted on an independent platform.
5/ đïž Judge's Remarks
The judge acknowledged that WazirX acted in "good faith" by immediately seeking a moratorium. However, she also pushed the exchange to consider releasing details of assets outside the hacked tokens to further assist creditors.
6/ đ Impact on Users
Legal representatives of WazirX revealed that customers may not be fully compensated in crypto terms, raising concerns about the overall recovery process. Users are left in uncertainty, wondering if theyâll see a return on their funds.
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