Singapore court grants WazirX a four-month moratorium to address a $234M hack impact.
The court mandates WazirX disclose wallet addresses and respond to customer queries publicly.
WazirX must release financial records within six weeks under strict transparency conditions.
The High Court in Singapore granted WazirX, an Indian cryptocurrency exchange, a four-month judicial stay. This moratorium will allow WazirX to address the impact of a $234 million hack in July that affected 45% of customer funds. To prevent future market manipulation, the court imposed strict conditions, and WazirX must be open with stakeholders.
One condition requires WazirX to disclose its wallet addresses through a court affidavit. The exchange must also answer customer questions raised during the proceedings and release its financial records within six weeks. Any future voting on the exchange’s course of action will be overseen by independent parties to ensure fairness and transparency for all stakeholders.
WazirX requested a six-month moratorium but received only four months under the above-mentioned conditions. The exchange acted quickly to secure this legal protection after th…
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