WazirX has filed an utility with the Singapore Excessive Court docket for a moratorium.
The plan proposes to alloocate the affect from the cyberattack pro-rata throughout customers.
Indian cryptocurrency alternate WazirX has requested the Singapore Excessive Court docket for six months to restructure its liabilities, it introduced on Wednesday.
WazirX misplaced $230 million to a hack in July.
The transfer initiates an computerized moratorium of 30 days. A date for the listening to through which the court docket will determine whether or not to grant the moratorium has not but been scheduled.
Co-founder Nischal Shetty submitted an affidavit to help the applying below the identify of Zettai Pte, which is included in Singapore. Zanmai India is the subsidiary of Zettai and operates WazirX. A dispute with Binance is ongoing over who owns the platform.
Resulting from “confidentiality obligations … we could not have the ability to disclose sure info regarding the dispute,” WazirX mentioned in a weblog publish.
The affidavit asks the court docket to order that “No decision shall be handed for a winding up of Zettai; No execution, misery or different authorized course of could also be commenced, continued or levied towards any property of Zettai, besides with the depart of the Court docket.”
The moratorium will present Zettai with respiration house whereas it progresses with a restructuring, “probably the most environment friendly approach to tackle customers’ cryptocurrency balances on the Platform and facilitate restoration for customers,” it mentioned.
Beneath the “restructuring, the affect from the cyberattack might be allotted pro-rata throughout customers who rank equally with one another as unsecured collectors, and customers will obtain a share of accessible token belongings related to the Platform proportionate to their share of all customers’ unsecured claims for his or her account balances,” based on the announcement.
