🚨 Singapore court gives the green light, WazirX gets a 4-month respite! 🏦
After the July hacker attack, Indian cryptocurrency exchange WazirX successfully applied to the Singapore court for a 4-month moratorium on debt repayment. However, this respite is not unconditional, and WazirX must be completely transparent and disclose its wallet addresses and financial records.
The documents show that WazirX must first submit a court affidavit to disclose all relevant wallet addresses. In addition, WazirX needs to make its books public within six weeks and respond to all user questions. Finally, any vote on future actions must be conducted on an independent platform to ensure the fairness of the process.
In response to the application for extension, the presiding judge believed that WazirX's request for a suspension of repayment was "in good faith", recognized its efforts to protect creditors during the financial crisis, and encouraged the company to consider disclosing any non-crypto assets.
💡 Conclusion:
Indian cryptocurrency exchange WazirX suffered a massive hack in July, losing $234 million and affecting 45% of customer funds.
Since then, according to on-chain data, hackers have been using the privacy service Tornado Cash to transfer funds, with more than $50 million worth of tokens transferred through the service in August, and activity increased in September.
In summary, although WazirX has gained valuable time to reorganize and recover, the possibility of customers receiving compensation is still small. At the same time, the hackers have almost completed the money laundering of the stolen funds, which undoubtedly poses a huge challenge to WazirX's recovery efforts.
👇What do you think of WazirX's suspension of debt repayment? Do you think this is a necessary move for the company to recover and protect the interests of customers, or is it just a stopgap measure?
💬In the world of cryptocurrency, how can we better protect our assets? Come and leave your comments in the comment section!
