Since the $230 million hack in July, WazirX has been scrambling to recover the assets and pacify users. The Indian crypto exchange had asked for a six-month moratorium to deal with the crisis. However, a Singapore court granted only four months relief, with conditions, on Thursday, Business Standard reported.
As part of the conditions, WazirX has to reveal the addresses of its wallets in a court affidavit. The exchange is also required to respond to users’ queries and has six weeks to disclose its book of accounts. WazirX will also need to ensure that any voting on its future path is conducted on an independent platform.
The firm, however, sees this as a win. WaxirX co-founder Nischal Shetty said:
“We are thankful for the court’s decision, which allows us to focus on our path to resolution, recovery and restructuring.”
WazirX’s parent company, Singapore-based Zettai, filed for a restructuring on Aug 23. The moratorium will provide temporary relief from legal proceedings, allowing the firm to restructure.
In a statement shared with Moneycontrol, WazirX said that the court acknowledged its active engagement with creditors and promptness in filing for a moratorium. Shetty further stated:
“Our immediate filing for the moratorium was a decisive step taken
Go to Source to See Full Article
Author: Monika Ghosh
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
