WazirX Files for Moratorium in Singapore Court After $230M Hack

- WazirX customers unlikely to recover full funds after $234 million hack in July, says legal adviser. - At least 43% of customer funds are unlikely to be recovered, with best case scenario being a return of 55% to 57%. - WazirX seeks six months' protection from Singapore High Court while restructuring liabilities. - Company in talks to share profit from revenue-generating products but no concrete details provided. - Pressure mounts as CoinSwitch initiates legal action to recover $9.7 million worth of assets stuck on WazirX's platform. Source: [Techcrunch](https://techcrunch.com/2024/09/02/customers-of-indian-crypto-exchange-wazirx-unlikely-to-recover-full-funds/)

- The FBI has reached out to WazirX to investigate the cyberattack, allegedly involving North Korean hackers, as the firm continues its recovery efforts." - WazirX's proposed recovery strategy following a $230-million hack has been met with criticism from both customers and crypto influencers. - The exchange revealed that 45% of its holding assets were lost in the breach, prompting a 55/45 approach to asset access and trading. - Customers can vote on two proposed recovery options until August 3, but many find the 55/45 strategy unfair. - Under the plan, 45% of remaining tokens will be converted to stablecoins (USDT) and locked, potentially reducing overall portfolio value. - The exchange briefly restarted trading, allowing access to 55% of portfolio tokens regardless of whether assets were stolen. Source: Moneycontrol, Techcrunch

- CoinSwitch announced plans to take legal action against WazirX to recover 2% of its trapped funds. - The company held INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX. - WazirX experienced a major security breach on July 18, leading to withdrawals of approximately $234.9 Mn. - CoinSwitch claims WazirX has not responded to their queries, prompting the legal action. - Inc42 has reached out to WazirX for comments and will update the story based on their response. Source: [Inc42](https://inc42.com/buzz/coinswitch-to-file-lawsuit-against-wazirx-to-recover-stuck-funds/)

- WazirX, one of India's largest cryptocurrency exchanges, has temporarily suspended all trading activities after losing about $230 million in a security breach. - The cyber attack compromised WazirX's ability to maintain a 1:1 collateral ratio with assets, raising concerns about the adequacy of its reserves. - Customer withdrawals were suspended after an attacker accessed one of the exchange's multi-signature wallets, which was protected by six signatories. - WazirX announced a bounty program of up to $23 million to recover the stolen assets, with risk-management platform Elliptic linking the attacker to North Korea. - The breach is significant, as WazirX reported holdings of about $500 million in its June proof-of-reserves disclosure, calling the event a 'force majeure.' Source: Techcrunch, Moneycontrol

So basically to make the losses to others ‘equitable’ I’ll only get 55% of my holdings? Looks like WazirX is playing Robin Hood in reverse - stealing from everyone to give to... well, themselves probably. What the fuck - how’s this legal?

Founder/ Fraudster Nishchal didn't utter a word about this 🤡.

Wazirx went through a massive theft recently where a lot of coins were stolen. Wanna know How much grapeviners money is stuck.

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