WazirX, one of India’s leading cryptocurrency exchanges, has recently taken to social media to voice its frustration with external forces that it claims are deliberately hindering its recovery efforts.
External Interference
In the public statement on X, WazirX criticized unnamed external parties for allegedly attempting to prolong the restructuring process. The exchange contends that these entities are motivated by a desire to maintain uncertainty and complicate the resolution that WazirX has been striving to achieve since the hack.
Legal Recourse in Singapore
WazirX’s restructuring efforts are further complicated by its decision to pursue legal recourse in Singapore. The company has chosen Singapore’s jurisdiction for its legal restructuring process, opting for a Scheme of Arrangements that has received court approval. This legal framework allows WazirX to negotiate terms that are fair and equitable for all parties affected by the hack.
Consequences of the Hack and Future Actions
WazirX suffered a major blow on July 18 when a hack targeted a multisignature wallet containing nearly half of the investor funds, approximately $234 million, making it difficult to reimburse all investors. Following the WazirX breach, India’s Bharat Web3 Association (BWA) has redoubled its commitment to strengthening cybersecurity measures and protecting crypto industry consumers. The Financial Intelligence Unit of India’s Ministry of Finance issued notices to several cryptocurrency exchanges, claiming they operated illegally and failed to comply with AML requirements.
WazirX continues to work on restoring its financial stability and ensuring the security of its users’ assets despite external interference and complex legal processes. The company remains focused on cybersecurity measures and adhering to strict legal standards.
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