🚨 Breaking News: WazirX Granted 4-Month Moratorium by Singapore Court! 🇸🇬⚖️
A Singapore court has granted Indian cryptocurrency exchange WazirX a four-month moratorium, allowing the company some breathing room amid its financial crisis. However, strict conditions apply, including full transparency of wallet addresses and the submission of financial records within six weeks.
This ruling follows a massive hack in July that resulted in the loss of $234 million, impacting 45% of customers’ funds. While the court acknowledged WazirX's good faith, the chances of reimbursing customers in cryptocurrency remain slim.
In related news, the hacker responsible for the breach is nearing the end of laundering the stolen funds, utilizing tools like Tornado Cash to obscure transactions.
Stay tuned for updates as WazirX navigates this challenging phase!
