Singapore Court Bestows WazirX Exclusive Four-Month Reprieve: Insider
WazirX, the Indian cryptocurrency exchange, has been granted a unique four-month reprieve under certain stipulations. A hack in July resulted in the exchange losing a staggering $234 million, which accounted for 45% of its customers’ funds. An anonymous industry insider revealed to CoinDesk that the Singapore court had bestowed WazirX with a four-month moratorium, subject to specific conditions. These conditions included divulging the addresses of the exchange’s wallets through an official court affidavit, promptly addressing user queries, disclosing its financial records within six weeks, and ensuring that any future voting procedures are carried out on an unbiased platform. CoinDesk reached out to WazirX for comment but received no immediate response. Originally, WazirX had sought a six-month moratorium through an application submitted to the Singapore High Court. The hacker responsible for the July attack is nearly finished laundering the stolen funds using Tornado Cash to obfuscate the transactions. Earlier legal counsel for the cryptocurrency exchange stated that WazirX customers are unlikely to fully recover their losses in cryptocurrency. The Judge presiding over the case reviewed the matter on Wednesday and delivered her verdict on Thursday. During the Wednesday proceedings, the Judge urged WazirX’s legal representatives to consider disclosing any other assets held by the exchange aside from the tokens. The industry insider disclosed that the Judge commended the exchange’s proactive stance in seeking the moratorium, noting that WazirX had acted in good faith. For more details, read the comprehensive article on WazirX’s hacker’s ongoing laundering activities to cover up the pilfered $230 million.