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Indian crypto exchange WazirX will form a Committee of Creditors (COC) by October 9. It will treat all users with crypto balances at the time of the $230 million hack as contingent unsecured creditors.
The Indian crypto exchange, WazirX is at the center of a major community backlash following the hack it suffered in July 2024. The hack resulted in the theft of approximately $230 million from one of its multisignature wallets.
A Singaporean court has granted the exchange a temporary relief to plan its restructuring.
Nischal Shetty defended the company's filing for the moratorium, describing it as a step toward a fair and binding resolution for creditors.
Just $6 million remains in the main wallet of the WazirX hackers, with most of the funds dispersed and mixed to make them harder to track.
Two major hacks on centralised exchanges dominated crypto losses in Q3 2024.
Centralized Finance platforms are under attack as Ethereum and BNB Chain remain key targets. Immunefi's Q3 2024 report revealed that hackers and fraudsters targeted the crypto market, costing the industry $412.9 million; CeFi platforms were the most affected. Source: Immunefi Among the total losses, 31 hacking-related losses totalled $409.9 million, which is 99.
Since the $230 million hack in July, WazirX has been scrambling to recover the assets and pacify users. The Indian crypto exchange had asked for a six-month moratorium to deal with the crisis.
Indian crypto exchange Wazirx has secured a four-month moratorium granted by a Singapore court, providing time for the company to address its financial obligations while crafting a resolution plan.
Losses from scams and hacks in Q3 declined by 40% compared to the previous year, but CEX hacks still pose a problem for the industry.
WazirX, an Indian cryptocurrency exchange, has been granted a four-month conditional moratorium by Singapore courts. The legal protection comes 2 months after a $230 million hack that left investors unable to withdraw their funds.
A Singapore High Court has ordered the WazirX exchange to disclose its wallet addresses following the grant of a four-month moratorium. The court stipulated this as part of the conditions for the grant of the moratorium application, which paves the way for a restructuring plan to repay customers.
Meanwhile, the hacker continues to launder the stolen funds in batches of 5,000 ether ($13 million) via crypto mixer Tornado Cash.
In a significant development for India's cryptocurrency sector, Singapore's High Court has granted WazirX a four-month moratorium under specific conditions, the company confirmed to CoinDesk. WazirX, which suffered a massive $234 million hack in July, filed for a six-month moratorium, seeking time to address the fallout from the breach.
A Singapore court has granted WazirX a four-month moratorium, requiring it to disclose wallet addresses and financial accounts.
The mastermind of India's biggest crypto heist has almost fully washed the tokens stolen from the platform.
WazirX, India's biggest crypto exchange platform has received a four-month conditional moratorium from the Singapore High Court regarding the effect of the $ 234 million hack that happened on 18th July 2024. The hack that saw a loss of 45% of the exchange's customer funds has put WazirX in a very sorry state financially.
A Singapore court has granted a four-month conditional moratorium to the troubled Indian crypto exchange WazirX following a $234 million hack in July.
The hacker who skillfully hacked the WazirX server in July this year and stole $230 million equivalent in crypto is close to cleaning up the money.
A Singapore court has granted Indian cryptocurrency exchange WazirX a four month moratorium based on certain conditions on Thursday, an industry source told CoinDesk.
The hacker responsible for stealing $230 million from WazirX in July has nearly finished laundering the funds, with just $6 million worth of Ethereum (ETH) left, based on Arkham Intelligence on-chain data. Most of the stolen assets were moved through Tornado Cash, a service known for obscuring digital transactions.
India's largest cryptocurrency hack has neared completion, with over $230 million worth of stolen tokens almost fully laundered, according to blockchain data. The hack, targeting WazirX, once one of India's leading exchanges, resulted in a massive breach of funds in July.
On-chain data shows the hacker, or group of hackers, behind the massive theft is now close to completing the laundering of the stolen funds.
After the July 18 hack, WazirX suggested that Binnace Exchange might be responsible for covering the losses. The exchange claimed that it had acquired or controlled WazirX, implying it should handle the fallout.
