Singapore Court Grants WazirX Four-Month Conditional Moratorium

• 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, the company said in a statement shared with 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.

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 an industry source.

"Our immediate filing for the moratorium was a decisive step taken to ensure the fastest, fairest, creditor-approved, legally binding path to resolution where creditors have a token choice and potential upside in a bull run," said Nischal Shetty, Founder of WazirX in a statement.

Read More: WazirX Hacker Is Almost Done Laundering $230M Stolen Funds

UPDATE (Sept. 26, 2024, 06:10 UTC): Adds WazirX founder's quote and updates headline to cite WazirX.