Singapore Court Grants Four-Month Conditional Moratorium to WazirX, Asks to Disclose Holdings Beyond Tokens: Report
Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.
A Singapore court has granted a four-month conditional moratorium to the troubled Indian crypto exchange WazirX following a $234 million hack in July.
The court’s decision comes with several stipulations, including the requirement for WazirX to disclose the addresses of its wallets through a court affidavit and to respond promptly to user inquiries.
Additionally, the exchange must provide its financial records within six weeks and ensure that any future voting regarding its operations is conducted on an independent platform, CoinDesk reported citing sources close to the matter.
Cryptonews.com reached out to WazirX for a comment on Singapore Court order.
WazirX initially sought a six-month moratorium in light of the breach, which resulted in the loss of approximately 45% of its customers’ funds.
Legal representatives for WazirX have indicated that customers may not recover their losses in cryptocurrency. During the court proceedings, the presiding judge encouraged the exchange’s legal team to consider disclosing any assets it holds beyond its current token holdings, noting that WazirX’s initiative to seek a moratorium demonstrated good faith.
A wallet associated with the funds stolen from WazirX now contains only $6 million in ether (ETH). According to blockchain data from Arkham, the stolen assets are frequently transferred to new wallets before being funneled into the privacy service Tornado Cash.
In August, the hacker funneled over $50 million in tokens to Tornado, with increased activity noted in September. The most recent transaction involved a
Read more on cryptonews.com
