Singapore Grants WazirX Four-Month Conditional Moratorium

A Singapore court has granted Indian cryptocurrency exchange WazirX a four-month moratorium on certain terms. This temporary delay of legal proceedings was granted in response to WazirX’s heavy financial crisis.

The terms were imposed on WazirX on Thursday and included revealing the addresses of its wallets through a court affidavit, responding to users’ inquiries. Apart from these impositions, WazirX is also required to disclose its book of accounts within six weeks, and make sure that any future voting will be conducted on an independent platform.

The case was heard on Wednesday and during the proceedings, the judge asked the legal team of WazirX to “think about” revealing the details of additional assets owned by the exchange apart from the tokens it held.

The judge reportedly appreciated the exchange acting on “good faith” by going forward legally and seeking a moratorium.

After WazirX suffered a major hack of nearly $234 million, the exchange had filed an application with the Singapore High Court for a six-month conditional suspension order.

Nischal Shetty, Founder of WazirX stated, “Our immediate filing for the moratorium was a decisive step taken to ensure the fastest, fairest, creditor-approved, legally binding path to resolution where creditors have a token choice and potential upside in a bull run”.

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