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WazirX, an Indian cryptocurrency exchange, has filed for a moratorium in Singapore's High Court to address the fallout from a July hack that resulted in a loss of $230 million. The exchange is embarking on a 30-day moratorium as it restructures its crypto balances and seeks capital infusion from global exchanges. WazirX has set aside $12 million to cover legal costs and recovery efforts. However, legal advisers have indicated that customers are unlikely to recover their full crypto holdings, with estimates suggesting only 55-57% of funds may be returned. Rival exchange CoinSwitch has filed a legal case against WazirX to recover $9.6 million in funds deposited before the hack.
WazirX will only be able to return around 55-57 percent of the users’ crypto funds going by the initial restructuring plan🚨 @debanganaghosh4 with details👇 https://t.co/wVQnp3bL9g #WazirXRefund #Cryptocurrency #Bitcoin
WAZIRX HACK: USERS FACE PARTIAL CRYPTO LOSS WazirX's legal team says customers probably won't see full crypto refunds after a $234M hack. Recovery could be as low as 55%. The Singapore High Court will decide on a six-month protection plan for the exchange as it tries to sort… https://t.co/f0UkQgxG2I
WAZIRX CUSTOMERS UNLIKELY TO RECOVER FULL CRYPTO HOLDINGS WazirX customers are unlikely to be fully compensated in crypto, with legal advisers suggesting only 55%-57% of funds may be recoverable. The exchange, which lost $234 million in a hack, is seeking six months' protection… https://t.co/k4bzQPEuDR
