News Flash: WazirX Moratorium Approved by Singapore High Court

A Singapore High Court judge approved the moratorium application by Nischal Shetty vis-a-vis Zettai Pte Ltd, which will give a breather space of at least four months to the WazirX exchange with certain conditions, after it was hacked for Rs 2000 crore worth of cryptocurrencies, amounting to 45% user funds. This means that WazirX cannot be sued now for the next four months, according to Singapore justice system.

On Thursday morning, Judicial Commissioner Kristy Tan of the Singapore High Court approved the moratorium application by Shetty, which will allow him to roll out his “restructuring scheme” of the remaining 55% crypto funds of users. According to Shetty’s proposed scheme, 4.4 million users are expected to take a 43-45% hit on their respective portfolios in a “socialistic” loss-sharing policy.

According to sources within WazirX exchange management and WazirX users, the court has give a conditional moratorium of four months to WazirX where the management will make public its wallet addresses and book of accounts through a court affidavit within six weeks and respond to users’ queries and run voting on an independent platform.

WazirX exchange management will be releasing an official statement in the next few hours regarding the conditional moratorium application approval. While the judicial process is ongoing, the alleged WazirX hacker has already drained more than 90% of the stolen Rs 2000 crore worth of user crypto funds.

This is a developing story. Follow The Crypto Times for more updates.