- WazirX filed a moratorium application following the cyberattack on July 18, resulting in more than $230 million in theft.
- Zettai Pte Ltd has taken the next step in its efforts to address users’ cryptocurrency balances on the platform.
- The filing aims to grant a 30-day automatic relief period, allowing Zettai to address the platform’s losses by reorganizing its liabilities.
WazirX, an Indian cryptocurrency exchange, announced that a moratorium had been filed in Singapore’s High Court under the Insolvency, Restructuring and Dissolution act to address users’ crypto balances. This moratorium was filed due to the cyberattack on July 18 that resulted in more than $230 million in theft. The move aims to provide a 30-day relief period for WazirX to reorganize its liabilities through a scheme of arrangement. The Singapore court will determine the duration of the moratorium.
WazirX moves to restructure liabilities, seeks court approval post-cyberattack
WazirX announced that Zettai Pte Ltd (Zettai), the Singapore-based holding company for WazirX, has taken the next step in its efforts to address users’ cryptocurrency balances on the platform following the cyberattack and theft of crypto tokens of more than $230 million from the platform on July 18.
The application was filed on Tuesday with the High Court of Singapore for a moratorium under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 to facilitate its intention to restructure its liabilities under a scheme of arrangement.
This moratorium provides breathing space while Zettai progresses with restructuring. It represents the most efficient way to address users’ cryptocurrency balances on the platform and facilitate user recovery.
“An automatic 30-day moratorium arises from applying, and the Singapore Court will determine whether to grant the moratorium sought at a hearing of the application (and the duration of the moratorium, if so granted). The hearing date has not yet been scheduled, and we will update you when we receive more information from the Singapore Court.” said the platform in their blog post.
“A townhall will be held in the week commencing 2 September 2024 to explain key features of the moratorium and the Scheme. Further details in respect of this townhall will be provided in the coming days and users will be given the opportunity to submit questions in advance of the townhall”, Wazirx wrote on social media platform X on Wednesday.
Moratorium Application Filed in Singapore Court
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 28, 2024
We wish to update all users of the WazirX Platform that we have taken the next step to address users' crypto balances following the 18 July 2024 cyberattack by filing for a moratorium with the Singapore High Court under the… pic.twitter.com/7IYES7pc6h
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.