Indian cryptocurrency exchange Wazirx has secured a four-month stay from a Singapore court, giving the company time to settle its financial obligations while it formulates a resolution plan. Wazirx explained that as part of the court conditions, it will “publicly disclose wallet addresses via court affidavit, answer user questions raised in court, disclose financial information, and ensure future voting on court applications is thoroughly reviewed by independent parties.”

Singapore court issues stay of execution of Wazirx judgment

Indian cryptocurrency exchange Wazirx announced on Thursday that it has been granted a four-month stay by a Singapore court after the company complied with Section 64 of the Insolvency, Restructuring and Liquidation Act (IRDA). This follows a cyberattack in July that resulted in the theft of more than $230 million.

The exchange noted that the decision gives the company time to address its financial obligations and develop a resolution plan for its stakeholders, including creditors and users affected by the situation. As part of the court’s requests and to improve transparency, Wazirx detailed on its social media platform X:

Wazirx will disclose wallet addresses through court affidavits, answer user questions in court, disclose financial information, and ensure future voting on court applications will be closely monitored by independent parties.

“The Court notes that Wazirx has been actively cooperating with creditors since the beginning of the proceedings,” Wazirx said. The moratorium “paves the way for the quickest, creditor-approved, legally binding resolution to restore cryptocurrency balances, ensuring a fair and timely outcome for all parties involved,” the exchange said. Furthermore, Wazirx shared that in collaboration with its advisors and stakeholders, the company is developing a comprehensive plan to address the needs of all parties involved.

Users have raised concerns about delays in accessing their funds, with many worried about the future of their cryptocurrency balances. Social media discussions have shown frustration, with users calling for a clearer timeline for asset recovery. Questions have also emerged about whether Wazirx can meet the court’s expectations and protect users’ interests.

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