WazirX files final submission in Singapore court after July 2024 $234M hack

WazirX, the Indian cryptocurrency exchange hacked in July 2024 for $234.9 million, has said that it is complying with the order passed by the Singapore High ￰0￱ September 26, the exchange filed its last written statement, following the court-mandated deadline in the restructuring case that was attached to the ￰1￱ previous deadline from the creditors to correct affidavits expired on September 19, which was followed by Zettai Pte Ltd’s response on September 22nd. Also, both WazirX’s Singapore entity and non-party creditors had due dates to file their last submissions by September ￰2￱ court will now examine these filings and will schedule ￰3￱ said it will abide by any legal pronouncement and will continue to keep its customers updated in the ￰4￱ hack fallout leads to legal restructuring The July 2024 breach was a major turning point for the ￰5￱ targeted the Safe Multisig wallet and stole assets worth almost $235 million; subsequent investigations blamed North Korean hackers for the ￰6￱ the aftermath, WazirX froze both cryptocurrency and Indian rupee ￰7￱ limit the financial impact, the exchange is pursuing a scheme of arrangement under the supervision of the courts in ￰8￱ process is intended to restructure obligations without interfering with operational continuity.

WazirX’s legal proceedings in Singapore are central to the case and involve the Singaporean entity that operates as WazirX, Zettai Pte Ltd, which is in charge of the crypto-to-crypto market. Additionally, non-party creditors have been invited to make their position known as the restructuring plan rolls ￰9￱ court decision also emphasizes regulatory oversight, as judges asked some of the creditors to resubmit affidavits after their initial filings did not satisfy regulatory ￰10￱ steps in the court process With all submissions now filed, the High Court is likely to fix a hearing ￰11￱ decision will impact the future of WazirX’s restructuring strategy, which aims to balance creditor claims with the exchange’s ability to recover and ￰12￱ a recent update, WazirX reported that 95.7% of scheme creditors and 94.6% of approved claims voted in favor of its amended restructuring ￰13￱ results were also independently confirmed by Alvarez & Marsal (SE Asia) Pte Ltd’s Joshua Taylor and Henry Anthony Chambers, who found there to be solid support for the adjusted ￰14￱ revised timetable reflects the court’s attempts to simplify the process so that creditors and WazirX have an even playing field to present their ￰15￱ customers, the next phase will allow clarity on the extent to which compensation or recovery measures can be put in place under the scheme of ￰16￱ the ongoing legal proceedings, WazirX has emphasized its commitment to rebuilding user ￰17￱ exchange noted, “We truly value your patience and ￰18￱ you for standing by us.” Don’t just read crypto ￰19￱ ￰20￱ to our newsletter.

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