As an analyst with extensive experience in the financial sector, I find myself closely monitoring the ongoing legal saga involving WazirX and its infrastructure partner, Liminal. Given my background, I am well-versed in navigating complex corporate issues and understanding their potential implications.
WazirX, along with its infrastructure partner Liminal and other relevant entities, are currently dealing with legal complications following a massive crypto asset theft worth approximately $230 million. On August 5th, a petition was filed at the National Company Law Tribunal (NCLT) in Indore, India, under Sections 213(b) and 221 of the Companies Act, 2013.
In case a business is under suspicion for poor management or dishonest practices, Sections 213(b) grants the authority to explore their operations, while Section 221 allows for the temporary seizure of the company’s assets as part of the ongoing investigation.
The individuals signing the petition are represented by key figures from the Ministry of Home Affairs, Ministry of Finance, Ministry of Corporate Affairs, WazirX, Liminal, their respective leaders, and the Serious Fraud Investigation Office.
As a data analyst, I’ve uncovered that a law student named Gauransh Vyas based in Indore submitted the complaint. His LinkedIn profile reveals that he currently interns as a lawyer at the Indian Supreme Court.
A representative from WazirX acknowledged receipt of the petition submitted to the National Company Law Tribunal in Indore. This individual asserted that the company is taking appropriate legal steps and vehemently denies any claims of fraudulent activities.
Currently, since the matter is under legal review, we’re unable to delve deeply into the specifics of the petition. However, WazirX intends to adhere to the legal procedures as dictated by the NCLT, allowing them to evaluate the legitimacy of the petition according to established legal standards.
A representative from Liminal has affirmed their involvement in the ongoing legal process. Regarding the current case being under review by the court, they’ve chosen not to provide additional comments for now. Rest assured, Liminal remains committed to strongly upholding its stance throughout this proceeding.
On August 6, WazirX lodged a police report following a cyberattack on July 18 that resulted in a loss of approximately $230 million, which they believe was orchestrated by the Lazarus Group. This incident forced them to momentarily halt trading and withdrawals as they sought solutions to reactivate the platform and provide compensation to their users.
Amid criticism of a plan to share losses, founder Nischal Shetty is in talks with various international exchanges like Binance, seeking their backing or potential acquisition. However, an ongoing legal tussle with Binance, which holds substantial influence over WazirX’s income and WRX tokens, is making the rescue process more challenging.
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2024-08-08 00:04