TechFlow news — On August 28, according to Coindesk, Indian cryptocurrency exchange WazirX has applied to the Singapore High Court for a six-month debt restructuring period. The application will automatically trigger a 30-day moratorium. WazirX suffered a hack in July, resulting in losses of up to $230 million. Co-founder Nischal Shetty submitted a supporting affidavit on behalf of Zettai Pte, a Singapore-registered entity.
The proposed restructuring plan aims to proportionally allocate the impact of the cyberattack among users. WazirX stated that the moratorium will provide Zettai with breathing room to advance the restructuring process, which it describes as "the most effective way to resolve users' cryptocurrency balances on the platform and facilitate user recovery." According to the announcement, following restructuring, users will receive a share of the platform's available token assets proportional to their unsecured claims. Currently, there remains an ownership dispute between WazirX and Binance, and the company noted that due to confidentiality obligations, it may be unable to disclose certain related information.
