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The WazirX hacker address, which stole over $230 million in July, has begun transferring funds through Tornado Cash.

Waxirx, one of the biggest Indian crypto exchanges, is still in hot waters. In the aftermath of the massive $234 million hack that hit WazirX, the Indian cryptocurrency exchange is facing intense scrutiny and significant challenges. With over 43% of customers' funds at risk, the road to recovery seems long and uncertain.

The Indian crypto exchange was hacked for over $230 million in July, and a restructuring process is underway in Singapore.

The legal team for WazirX said today that the exchange's customers doubt whether the exchange should be made whole in crypto terms. Another Jolt For The Affected WazirX Users Leading Indian cryptocurrency exchange WazirX suffered a massive security breach on July 18, 2024, resulting in hackers stealing $230 million of customers' digital assets.

WazirX parent firm Zettai is engaging with 11 crypto exchanges and trading firms to secure emergency funding or establish partnerships aimed at recovering the $235m lost in a July hack, the Economic Times reported Tuesday.

One of the largest crypto exchanges has recently gone live on YouTube to run the first WazirX townhall meeting. This comes after the major crypto hack, losing $ 235 million from this Indian exchange.

Customers are advised to stay informed about the ongoing proceedings and prepare for the likelihood of a partial return of their assets.

One of India's leading crypto trading platforms WazirX, was severely affected by a $235 million hack in July 2024. In response, the company has announced the intention to reorganize crypto balances and to find a white knight to stabilize the plat and provide the necessary amount of money for healing.

It is extremely unlikely that WazirX customers will be made whole in crypto terms through the restructuring, legal advisers of the Indian cryptocurrency exchange said.

WazirX's holding company said Wednesday it was considering ways to pay creditors under a potential scheme, following a major theft in July.

Not many are willing to admit that Web3 is overly reliant on hybrid security systems that are more susceptible to sophisticated attacks. The recent breach at WazirX serves as a stark reminder of these vulnerabilities.

WazirX said it would take at least six months for the restructuring to occur, after which its users would receive their deposits.

Embattled crypto platform WazirX has entered an initial 30-day moratorium following a $234 million hack in July, pending a decision by Singapore's High Court on whether to grant an extension, according to an Aug. 28 statement. This development arose as rival platform CoinSwitch announced its intention to pursue legal action to recover approximately $9.

After the catastrophic cyberattack in July 2024, WazirX has not hesitated to safeguard its users' rights and submitted a moratorium application to the Singapore High Court.

WazirX has filed an application with the High Court of Singapore for a moratorium under the Insolvency, Restructuring and Dissolution Act.

Indian cryptocurrency exchange WazirX has announced details on when users will be able to withdraw their crypto. Additionally, the exchange has filed for a moratorium in Singapore.

WazirX needs "breathing space while Zettai progresses with a restructuring," the company said of its parent entity.

As Indian crypto exchange WazirX reels from the massive $230 million hack, the rival exchange CoinSwitch is pursuing legal action to recover over $9 million in trapped funds.

Indian crypto exchange Wazirx has announced that a moratorium has been filed in Singapore's High Court under the Insolvency, Restructuring and Dissolution Act to address users' crypto balances. The move aims to provide a 30-day relief period for Wazirx to reorganize liabilities through a scheme of arrangement.

CoinSwitch, a major Indian cryptocurrency exchange, is suing rival platform WazirX to recover ₹810 million ($9.65 million) in assets trapped following a cyber attack that led to the theft of $230 million in digital assets from WazirX.

The application initiates an automatic moratorium of 30 days.

WazirX co-founder and CEO Nischal Shetty clarified some of the growing concerns around the exchange's operations and ownership following the recent $235 million hack. In response to questions on social media, Shetty disclosed that he is still operating the exchange “on their [owners] behalf until the dispute gets resolved.

WazirX crisis raises alarm bells in India's crypto sector, sparking fears of wider exchange fallout.

“I can't get into any more particulars because of confidentiality obligations,” Shetty said about how trades are being managed.