- WazirX files legal submission, meeting Singapore court’s September 26 deadline.
- Exchange struggles post-hack as court proceedings continue over $234.9 million loss.
- WazirX pursues debt restructuring as Singapore court evaluates final submissions.
WazirX, the Indian cryptocurrency exchange, has submitted its legal filing as per the directions of the Singapore High Court in its ongoing case related to the significant hack that occurred in July 2024.
The exchange, which was severely impacted by the hack that resulted in the theft of approximately $234.9 million, confirmed that it met the deadline set by the court. This submission, filed on September 26, is part of a broader legal schedule, which includes submissions by various creditors and entities involved in the case.
According to the Singapore High Court’s directives, opposing creditors were required to submit corrected affidavits by September 19. Subsequently, the Singapore-based entity of WazirX, Zettai Pte Ltd, was instructed to respond by September 22.
All involved parties, including Zettai Pte Ltd, the relevant creditors, and WazirX’s team, were also required to submit their final written submissions by September 26. The court is now in the process of reviewing these documents before issuing further instructions on when the next hearing will take place.
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Court Proceedings: A Key Step for WazirX’s Recovery
The hack of July 2024 served as a major turning point for WazirX, forcing the exchange to temporarily halt operations and restructure its financials. In light of the incident, WazirX has been pursuing a scheme of arrangement under the supervision of the Singaporean courts, which is aimed at addressing the fallout and restructuring its debts.
This process involves WazirX’s Singapore entity, Zettai Pte Ltd, which handles its crypto-to-crypto operations, and the creditors who are seeking repayment for their claims.
The court proceedings have been focused on ensuring the legal compliance of submissions from creditors and other entities involved. Earlier this month, the court directed that certain affidavits be corrected after they were found to be non-compliant with its original instructions. Zettai Pte Ltd, in particular, has been under scrutiny for its role in the ongoing matter.
WazirX has expressed its commitment to abiding by all legal requirements and is working towards resolving the case efficiently. As the court reviews the final submissions, all parties are awaiting the next set of directions regarding the hearing schedule.
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