Crypto exchange WazirX has said customers affected by the recent cyber attack will not be able to recover their full funds even as the firm looks to restructure. At a virtual press conference, the firm's advisor said at best the company might look to return 55-57 per cent of the money. "This is what can be returned to users with the benefit of this restructuring," said Jason Kardachi, managing director (restructuring), Kroll.
Global cryptocurrency giant Binance has asserted that it never owned or controlled WazirX before or after the embattled Indian exchange was hacked in July that led to a security breach of more than $230 million. Binance added that there was no legal basis for the firm to be liable for claims made against the embattled crypto exchange. It refuted WazirX's claims that the global exchange owns the company, adding that it does not operate the platform.
The majority of crypto investors in the country have invested in mainstream virtual digital assets (VDAs) such as Bitcoins, altcoins like Dogecoin, Shiba Inu, and Ethereum, followed by non-fungible tokens (NFTs) and stablecoins, a compilation of year-end reports of crypto majors CoinDCX and CoinSwitch revealed. The crypto exchange platform CoinDCX reported that 14.6 per cent of total investments on its platform were allocated to Bitcoin, while CoinSwitch saw the share of the VDA at 7 per cent.
A Singapore court on Thursday granted a four-month moratorium to Indian cryptocurrency exchange WazirX, a period which the embattled firm will use to restructure its business without worrying about legal proceedings. A moratorium offers applicant temporary relief from legal proceedings. WazirX, India's biggest crypto exchange, suffered a major hacking attack in July this year losing close to $230 million.
Crypto currency platform WazirX, a cyber-attack on July 19 this year in which nearly 40 lakh Indians have suffered a loss of to a tune of $230 million or Rs 19.12 billion, has moved the Singapore high court seeking a moratorium in any legal action against it and for legal protection.
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