WazirX granted four-month moratorium to restructure its liabilities after $230 million hack
Zettai Pte Ltd, the Singapore holding company behind the Indian crypto exchange WazirX, has been granted a four-month moratorium by the High Court of Singapore to restructure its liabilities following the platform’s $230 million exploit in July.
The application was filed on Aug. 27 by Zettai Director Nischal Shetty and is designed to provide “breathing space” for the firm to address users’ cryptocurrency balances on the platform and facilitate their recovery, Zettai said at the time.
An automatic moratorium of 30 days commenced following the application, though the court’s subsequent approval falls short of the six-month moratorium originally requested.
“We are thankful for the court’s decision, which allows us to focus on our path to resolution, recovery and restructuring," WazirX founder Nischal Shetty said in a statement shared with The Block. "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.”
Under the court’s conditions for the approval, WazirX said it would make its wallet addresses public, respond to user queries raised in the courtroom, release its financial information and ensure future voting for court applications is scrutinized by independent parties. “We are working diligently with our advisors and stakeholders to develop a comprehensive plan that addresses the needs of parties involved,” it stated.
