As a seasoned crypto investor with years of experience navigating the digital asset market, I must say that the recent court order approving the moratorium for WazirX has left me both intrigued and skeptical. Having been through numerous twists and turns in the world of cryptocurrencies, I find myself empathizing with the users who are anxiously awaiting their funds post the Rs 2000 crore hack.
Following the Singapore High Court’s approval of Nischal Shetty’s moratorium application for the WazirX crypto exchange, users have a range of reactions to the court order. Some are praising the decision, while others continue to express doubts about its purpose. As they wait anxiously for the recovery of their funds following the Rs 2000 crore hack, they remain uncertain about the true intentions behind this move.
On Thursday morning, Judge Kristy Tan from the High Court of Singapore granted a four-month halt on legal actions against WazirX, which is owned by Zettai Pte Ltd based in Singapore. This moratorium provides a temporary reprieve for WazirX’s management from any ongoing lawsuits, under certain conditions set forth by the judge.
The management team plans to arrange a free vote among all its users, aiming to gain their backing for the proposed restructuring plan. Following this, they intend to have the approved plan confirmed by the court within the next four months.
The four conditions laid down by judicial commissioner Kristy Tan are:
- Publish Wallet Addresses of WazirX through court affidavit.
- Public Book of Accounts of WazirX through court affidavit.
- Respond to users’ queries and grievances.
- Run a poll for seeking support of restructuring process on an independent platform.
How WazirX Users responded to Moratorium Approval?
Various WazirX users shared their thoughts about the moratorium order issued by the Singapore High Court in the WazirX hack case, through social media platforms. Some of them expressed a sense of relief, stating that the court’s decision appears fair and encourages transparency from WazirX management.
A significant number of WazirX users continue to express doubts about the management, asserting that the approval of their moratorium application has provided them with a sense of “legal protection”.
It’s been observed by other users that the suspected hacker of WazirX is actively laundering approximately Rs 2000 crore worth of cryptocurrencies. Meanwhile, WazirX exchange finds itself embroiled in a legal dispute with Binance, CoinSwitch, and other entities, leaving over 4.4 million users on edge as they wait for their funds to be returned.
Additionally, some users expressed the viewpoint that a four-month delay in disbursing funds wasn’t essential, arguing instead that the court could have mandated immediate action from WazirX regarding the funds distribution.
According to the plan put forward by WazirX (and as mandated by the court), users will have a chance to express their opinion on a neutral, external voting platform about whether they support the proposed restructuring plan that involves each user accepting a 45% loss individually.
Read More
Sorry. No data so far.
2024-09-26 12:04