September 27, 2024
Singapore Court Grants WazirX Four-Month Conditional Moratorium: Source thumbnail
Business

Singapore Court Grants WazirX Four-Month Conditional Moratorium: Source

A Singapore court has granted Indian cryptocurrency exchange WazirX a four month moratorium based on certain conditions on Thursday, an industry source told CoinDesk.”, — write: www.coindesk.com

  • WazirX has been granted a four month moratorium under certain conditions.
  • The Indian cryptocurrency exchange lost $234 million, some 45% of customers’ funds, in a hack in July.
A Singapore court has granted Indian cryptocurrency exchange WazirX a four-month moratorium based on certain conditions on Thursday, an industry source told CoinDesk.

The conditions imposed on WazirX include revealing the addresses of its Wallets through a court affidavit, responding to users’ queries, revealing its book of accounts within six weeks, and ensuring that any future voting on the way ahead is conducted on an independent platform. CoinDesk reached out to WazirX to comment on the matter.

WazirX, which lost $234 million in a hack, some 45% of customers’ funds, had filed an application with the Singapore High Court for a six-month moratorium.

The hacker behind that July hack has nearly finished laundering the stolen funds, using Tornado Cash to obscure the transactions.

Earlier, the crypto exchange’s legal advisers said WazirX customers are unlikely to be made whole in crypto terms.

The Judge in the case heard the matter on Wednesday, and on Thursday, she delivered a verdict.

During the proceedings on Wednesday, she asked the legal representatives of WazirX to “think about” releasing the details of any assets the exchange had other than the tokens it held.

The Judge said the exchange acted on “good faith” by stepping up and seeking a moratorium, according to the industry source.

Edited by Omkar Godbole.

Disclosure

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a

strict set of editorial policies.

In November 2023

, CoinDesk was acquired

by the Bullish group, owner of

Bullish,

a regulated, digital assets exchange. The Bullish group is majority-owned by

Block.one; both companies have

interests

in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Amitoj Singh

Related posts

The EigenLayer team will lift the token transfer limit on September 30

business ua

FTX’s Downfall Couldn’t Have Happened Without SBF’s Fraud – Or Prager Metis’ Audit Failure

coindesk com

Sky Pauses Plan to Offboard Wrapped Bitcoin, After Chat With BitGo’s Belshe

coindesk com

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More