Indian crypto exchange Wazirx has secured a four-month moratorium granted by a Singapore court, providing time for the company to address its financial obligations while crafting a resolution plan. Wazirx explained that as part of the court’s conditions, it will “make wallet addresses public via a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinized by independent parties.”
Wazirx Granted 4-Month Moratorium, Will Make Wallet Addresses Public
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Singapore Court Grants Wazirx Moratorium
Indian crypto exchange Wazirx announced on Thursday that it has been granted a four-month moratorium by a Singapore court after the company complied with Section 64 of the Insolvency, Restructuring, and Dissolution Act (IRDA). This followed a cyberattack in July that saw over $230 million stolen.
The exchange noted that this decision gives the company time to address its financial obligations and develop a resolution plan for stakeholders, including creditors and users impacted by the situation. As part of the court’s requirements and to improve transparency, Wazirx detailed on social media platform X:
Wazirx will make wallet addresses public via a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinized by independent parties.
“The court noted that from the onset of the proceedings, Wazirx has actively engaged with creditors,” Wazirx stated. The moratorium “paves the way for the fastest, creditor-approved, and legally binding resolution to restore crypto balances, ensuring a fair and timely outcome for all stakeholders,” the exchange claimed. Moreover, Wazirx shared that in collaboration with its advisors and stakeholders, the company is working on 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 reveal frustration, as users call for clearer timelines on asset restoration. Questions have also emerged about whether Wazirx can meet court expectations and safeguard user interests.
What do you think about Wazirx being granted a moratorium by a Singapore court? Let us know in the comments section below.
