As a seasoned crypto investor with a knack for navigating the digital frontier, I find myself both disheartened and intrigued by the recent developments surrounding WazirX. While I understand the frustration of those affected by the hack, I can’t help but appreciate the nuances of international jurisdiction as eloquently explained by Singapore’s Judicial Commissioner, Kristy Tan.
As a crypto investor, I recently learned from Judicial Commissioner Kristy Tan of Singapore’s Supreme Court that she lacks the power to initiate an investigation into the recent cyber hack by the Singapore Police Force or instruct the Indian police to do so, following a hearing on a moratorium application at WazirX.
The comments were made by Tan on September 26 during an online court hearing of WazirX moratorium application, after several WazirX users insisted through chat messages that the judge should direct a police enquiry into the Rs 2000 crore hack. The court transcript documents were made available on Monday, October 14, after WazirX mailed it to all users, following the directives of the Singapore court.
During the live Zoom hearing, Kristy Tan told WazirX creditors, “The first thing you need to understand is that the Singapore Court does not have the power to order our Singapore Police Force to do anything.”
She clarified that she doesn’t possess the authority to request an investigation into the cyberattack by the Singapore Police Force, let alone the Indian authorities.
Although the statements may have been disheartening for WazirX victims, she made clear that the hearing’s purpose was merely to evaluate the WazirX moratorium application and determine if it should be granted approval.
On September 5, Zettai Pvt Ltd was given a four-month pause by the court. During this time, the court reviewed the request for a moratorium on WazirX by considering the results of a survey they had conducted. In this survey, creditors were asked about their support for the moratorium application.
In the survey involving over four million creditors, approximately 17,632 (about 4%) took part, totalling claims worth about $82 million. Out of these participants, a staggering 72,120 backed the application for a moratorium, accounting for around 92% or roughly $64 million of the total claims.
Conversely, a total of 1,491 creditors were against the moratorium request, representing just 1.91% of all claims, and these claims added up to approximately $203 million in value.
With all attention now centered on Zettai’s reorganization scheme, some individuals remain apprehensive regarding the WazirX hack and are urging for a thorough, impartial probe into the origin of this unusual cyberattack.
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2024-10-14 15:16