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WazirX Seeks Six-Month Moratorium to Restructure Liabilities Amidst Hacking Crisis

WazirX, an Indian cryptocurrency exchange, has requested a six-month moratorium from Singapore to restructure its liabilities after losing $234 million in hacked cyber attacks in July.

With 16 million users, including 4.4 million who have cryptocurrency balances, the exchange is looking to revamp its financial situation and has requested a moratorium from WazirX’s parent company, Zettai Pte, calling for comprehensive measures to clear its debts.

This comes as CoinSwitch, meanwhile, said it was considering legal options to retrieve assets stored on its platform. CoinSwitch, which had $9.6 million in WazirX deposits at the time of the hack, is now seeking to recover its losses and submitted an affidavit supporting the application that was launched last July due to panic among users.

Over 9,700 withdrawal-related emails and platform messages, as well as four legal notices were received on the platform as of August 24. The situation was made worse by the real threat of an uncontrolled bank run, which could have resulted in catastrophic consequences for the exchange and its users if these requests had been met.

WazirX is seeking a six-month suspension to create an opportunity to work on resolving its liabilities and avoid crashing. The hack has also led to heightened tensions between WazirX and Binance, the world’s largest cryptocurrency exchange, over ownership of the site. WazirX has proclaimed that it functions independently, but Binance has stated that they acquired the exchange in 2019.

The situation underscores the fragility of the cryptocurrency market and the importance of exchanges being vigilant about security and risk management. The WazerX hack is one of many that occurred recently and is still ongoing. The exchange’s decision to request a moratorium is seen as preventing further damage from the crisis.

WazirX users are likely to be closely monitoring developments as the exchange has tens of thousands of users, and any disruption to the operations could have significant consequences. CoinSwitch’s decision to sue has added complexity to the matter, and it remains unclear how the two exchanges will reconcile.

Meanwhile, cryptocurrency enthusiasts are waiting patiently for WazirX to overcome this trying time. The Indian cryptocurrency market, which has been enjoying a fast-paced expansion, will be greatly affected by the exchange’s ability to restructure its liabilities and address any concerns related to the WazirX scandal.

With the market’s transformation, exchanges must prioritize user assets and take action to prevent similar incidents from happening again. Read more about the WazirX scandal and its impact on the Indian cryptocurrency market in this article on CoinSeeks.com.