A Singapore court has granted Indian cryptocurrency exchange WazirX a four-month conditional moratorium following its $234 million hack in July, which impacted 45% of customer funds.
The court has imposed several conditions, including the disclosure of WazirX's wallet addresses via affidavit, a response to user queries, and revealing its financial accounts within six weeks.
Additionally, any future voting on the exchange's direction must occur on an independent platform.
WazirX had originally sought a six-month moratorium.
In a blog post in August, WazirX noted:
“We wish to update all users of the WazirX Platform that Zettai Pte Ltd ("Zettai") has taken the next step in its efforts to address users' cryptocurrency balances on the Platform following the cyberattack and theft of crypto tokens from the Platform on 18 July 2024, and has on 27 August 2024 filed an application with the High Court of Singapore (HC/OA 861/2024) for a moratorium under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 to facilitate its intention to restructure its liabilities under a scheme of arrangement ("Scheme").”
During the proceedings, the judge suggested WazirX disclose any assets beyond its token holdings, noting the exchange's "good faith" in seeking the moratorium.
WazirX's legal team has acknowledged that customers are unlikely to be fully compensated in cryptocurrency.
The hacker responsible for the July WazirX breach has nearly completed laundering the stolen funds, primarily through Tornado Cash, a service that obscures transaction trails.
A wallet linked to the theft now holds only $6 million in ether (ETH).
Blockchain data from Arkham reveals a pattern of moving assets to new wallets before funneling them into Tornado Cash.
In August alone, over $50 million in tokens were sent through the privacy service, with activity escalating in September.
The latest transaction occurred on Wednesday, with the hacker transferring 3,792 ETH (around $10 million) to a new wallet.
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