WazirX
to List Its 240,000 Wallets and Balances
as Part
of Debt Restructuring
WazirX to List Its 240,000 Wallets and Balances as Part of Debt Restructuring
"Transparency starts with showing you everything, even if that means sharing
what might seem like overwhelming data,” WazirX noted.
By Vismaya V
Oct 17, 2024 Oct 17, 2024
3 min read
WazirX claims to be India's largest crypto exchange. Image: Shutterstock.
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WazirX plans to disclose 240,000 wallet• Экономика » Финансы » Платежные средства » Наличные деньги » Кошелёк addresses and balances in an affidavit
filed with the High Court of Singapore amid ongoing debt restructuring
efforts.
The exchange has been working to repay customers after a $230 million
cyberattack in July crippled WazirX’s operations and left users without access
to funds.
The exchange’s holding company, Zettai Pte Ltd, is overseeing the
restructuring process to stabilize operations and address outstanding
liabilities.
“At WazirX, we’ve always believed that transparency is key to building and
maintaining trust with our users,” the exchange wrote on Twitter• Объект организация » Организации по алфавиту » Организации на Tw » Twitter, Inc. Wednesday.
ð¢ Disclosure of 240,000+ wallet• Экономика » Финансы » Платежные средства » Наличные деньги » Кошелёк addresses pursuant to debt restructuring
process
At WazirX, we’ve always believed that transparency is key to building and
maintaining trust with our users. Today, we’re taking another step forward in
that journey by sharing something… pic.twitter.com/JN47z21PI3
— WazirX: India Ka Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Exchange (@WazirXIndia) October 17, 2024
In anticipation of users balking at the sheer number of wallets the exchange
maintained, WazirX explained in the blog post how managing a large volume of
wallets is standard practice for a firm serving 4.3 million users.
The exchange confirmed most wallet• Экономика » Финансы » Платежные средства » Наличные деньги » Кошелёк balances have already been swept and
consolidated into cold, warm, or hot wallets used for operational purposes,
with the remaining balances being carefully consolidated to avoid high network
fees.
WazirX stated how the disclosure aims to rebuild trust by providing an
unfiltered view of its operations, ensuring creditors and users are informed
ahead of any legal filings.
"Transparency starts with showing you everything, even if that means sharing
what might seem like overwhelming data,” the exchange noted.
Fallout• Отдых, развлечения » Развлекательные игры » Компьютерная игра » Серии Игр » Fallout » Fallout (серия игр) From the Cyber Attack
The July breach resulted in multiple suspicious transactions with stolen
assets including Pepe (PEPE), Gala Games (GALA), Tether (USDT), and Ethereum
(ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum).
The hacked assets were moved in a series• Отдых, развлечения » Развлекательные игры » Компьютерная игра » Серии Игр » Fallout » Fallout (серия игр) of transactions through Tornado Cash• Экономика » Финансы » Платежные средства » Наличные деньги
, a coin mixer designed to obscure the origin of funds.
In the immediate aftermath of the hack, WazirX paused all crypto and Indian
Rupee (INR) withdrawals, leaving many users stranded.
Although the exchange has since resumed partial INR withdrawals, crypto
withdrawals remain suspended as WazirX consolidates remaining wallet• Экономика » Финансы » Платежные средства » Наличные деньги » Кошелёк balances
and works toward restoring user access.
The Singapore High Court granted WazirX a four-month moratorium, during which
the exchange could restructure its liabilities. However, legal disputes with
competitor CoinSwitch over $9.7 million in locked funds have complicated the
process.
Authorities suspect that state-backed actors like the North Korean Lazarus
Group were involved in the WazirX breach. The Lazarus Group is notorious for
laundering stolen assets across jurisdictions, exploiting the decentralized
nature of coin mixers.
Edited by Stacy Elliott .
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