WazirX Gets Conditional, Four-Month Moratorium From Singapore Courts

Zettai Pte., the parent company of WazirX which is facing the impact of a massive $235-million cybertheft, has been granted a conditional, four-month moratorium as it seeks to resolve its current crisis.

The moratorium has been granted with creditors' views taken into consideration. The company will now enter restructuring, under which, it will distribute remaining token assets to users in a pro-rata manner via crypto and not fiat.

Of the available funds, about 45% will be required as costs for the restructuring. "Only about 55% of money will return to customers. We're in ongoing discussions to generate additional money via revenue-generating products and mechanisms to share profit with users, apart from recovering stolen cryptocurrencies," the company had said earlier.

In July, WazirX suffered a security breach that compromised one of its wallets. The Indian cryptocurrency exchange had announced a $24-million bounty to recover cash lost in a cyber attack.