_⛔️✋️‼️WazirX Gets Reprieve From Singapore Court After $234M Crypto Hack_ 🚨
Indian cryptocurrency exchange WazirX has been granted a four-month moratorium by a Singapore court following a devastating $234 million hack in July. 🤯 This temporary reprieve gives WazirX a chance to restructure its finances and potentially recover from the massive loss.
_Hack Details_
- Date: July 18
- Stolen amount: $234 million
- Affected wallet: Multi-signature wallet managed by Liminal Custody
_Court Conditions_
To secure the moratorium, WazirX must:
- Make wallet addresses public via court affidavit 📝
- Respond to user queries raised in court 💬
- Release financial information 📊
- Ensure future voting is conducted independently 🗳️
_Restructuring Efforts_
WazirX has partnered with financial advisory firm Kroll to support its restructuring efforts. However, with only 0.02% of registered users agreeing to the plan, the road to recovery seems uncertain.
_User Impact_
The hack has left 4.2 million users, primarily Indians, with substantial losses. This highlights the urgent need for regulatory frameworks to protect investors in the crypto market.
_Expert Insights_
"WazirX's use of customer funds for legal expenses is concerning. Significant reparations are needed to make up for customer losses." - Crypto Expert
_Metric Highlights_
- Hack amount: $234 million
- Affected users: 4.2 million
- Registered users agreeing to restructuring plan: 0.02%
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