WazirX granted four-month conditional moratorium by Singapore Courts after $230 million hack

economictimes.indiatimes.com:

Singapore court has granted cryptocurrency exchange WazirX a four-month conditional moratorium. This ruling provides the embattled exchange with temporary relief, allowing it to focus on resolving the aftermath of a major hack that led to the loss of over $230 million, about 45% of customers' funds.

The court's decision followed WazirX’s request for a six-month moratorium under Section 64 of the Insolvency, Restructuring, and Dissolution Act (IRDA). However, the court granted a shorter, four-month period.

The moratorium comes with several key conditions designed to maintain transparency and restore confidence among creditors and users. WazirX must publicly disclose wallet addresses via a court affidavit, respond to user queries raised during court proceedings, release its financial information, including its books of accounts, within six weeks, and ensure that future voting on court applications is conducted through an independent platform, scrutinized by third parties.

This court-ordered transparency, particularly the disclosure of wallet addresses, is a critical step toward ensuring that stakeholders have full visibility into the company's actions as it navigates the recovery process.

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