WazirX Gets 4-Month Repayment Suspension from Singapore Court After Losing $234M in Hack

COINOTAG reported on September 26 that CoinDesk, citing sources, announced a Singapore court’s approval for a temporary four-month suspension of repayments for the Indian cryptocurrency exchange WazirX. This suspension comes with stringent stipulations, which include WazirX disclosing its wallet address via a court affidavit, addressing user inquiries promptly, providing a complete disclosure of its ledger within a six-week period, and ensuring future voting processes are held on an independent platform. The court’s decision follows a significant security breach in July, where WazirX incurred losses amounting to $234 million, equivalent to 45% of customer funds. Initially, WazirX had sought a six-month suspension from the Singapore High Court, reflecting the critical nature of its current financial predicament.