{"id":10112,"date":"2025-01-28T16:28:37","date_gmt":"2025-01-28T16:28:37","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=10112"},"modified":"2025-01-28T16:28:37","modified_gmt":"2025-01-28T16:28:37","slug":"wazirx-hack-update-singaporean-court-approves-companys-restructuring-plan","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=10112","title":{"rendered":"WazirX Hack Update: Singaporean Court Approves Company\u2019s Restructuring Plan"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400\">WazirX came up with a restructuring plan to repay 80% user funds lost in a major cyberattack. And the Singapore High Court has ruled in the favor of WazirX\u2019s parent company, Zettai Pte Ltd. The ruling allows the company \u201cto distribute assets associated with WazirX to users, and to revive operations of the platform.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">On 23 January 2025, WazirX announced in a <a href=\"https:\/\/wazirx.com\/blog\/singapore-high-court-grants-leave-for-zettai-to-propose-its-scheme-of-arrangement-to-creditors\/\" target=\"_blank\" rel=\"nofollow\">press release<\/a> that \u201cthe Court granted a 16-week moratorium to Zettai, which provides the necessary time and legal protection to carry out the restructuring process.\u201d<\/span><\/p>\n<p><strong>Explore:<a href=\"https:\/\/99bitcoins.com\/news\/crypto-developments-in-asia-wazirxs-attack-linked-to-north-korea\/\" rel=\"bookmark\">Crypto Developments In Asia: WazirX\u2019s Attack Linked To North Korea<\/a><\/strong><\/p>\n<h2><b>The Breach That Shook Confidence In The Exchange<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The case stems from a major security breach that occurred on WazirX\u2019s platform. Hackers exploited vulnerabilities in the exchange\u2019s infrastructure, siphoning off millions of dollars worth of cryptocurrencies from user accounts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The incident sparked outrage among investors. Furthermore, it raised questions about the security measures employed by crypto platforms operating in India.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Affected users filed legal complaints against WazirX. They accused the exchange of negligence and failing to implement adequate safeguards to protect their assets. Netizens and affected users have relentlessly expressed their anger on X.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Day 5- WazirX Return My Money<\/p>\n<p>Like , Retweet and follow for support against WazirX <a href=\"https:\/\/twitter.com\/hashtag\/WazirxScam?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">#WazirxScam<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/WazirX?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">#WazirX<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/WazirXIndia?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">#WazirXIndia<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/WazirXhack?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">#WazirXhack<\/a> <a href=\"https:\/\/t.co\/1MDUr4wzf7\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/1MDUr4wzf7<\/a><\/p>\n<p>\u2014 Virendra Patel (@PatelViren1629) <a href=\"https:\/\/twitter.com\/PatelViren1629\/status\/1883720785514344864?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">January 27, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, the Singaporean court found that \u201cthere was no abuse of process.\u201d\u00a0 Furthermore, \u201cthere was no proper or sufficient evidence presented before the Court of wrongdoing or misconduct, contrary to suggestions made by certain users of the platform that Zettai had orchestrated the cyberattack.\u201d<\/p>\n<p>This is important to WazirX as the North Korean Lazarus group was found to be responsible for the cyberattack.<\/p>\n<p>In fact, in a display of trilateral cooperation, US, Japan and South Korea issued a joint statement warning the global cryptocurrency industry about the escalating threat posed by cyberattacks linked to North Korean actors. The announcement was made on 14 January 2025.<\/p>\n<p>\u201cThe United States, Japan, and the Republic of Korea advise private sector entities, particularly in blockchain and freelance work industries, to thoroughly review these advisories and announcements to better inform cyber threat mitigation measures and mitigate the risk of inadvertently hiring DPRK IT workers,\u201d\u00a0<a href=\"https:\/\/www.state.gov\/office-of-the-spokesperson\/releases\/2025\/01\/joint-statement-on-cryptocurrency-thefts-by-the-democratic-peoples-republic-of-korea-and-public-private-collaboration\" target=\"_blank\" rel=\"nofollow noopener nofollow\">the joint statement read.<\/a><\/p>\n<p><strong>Explore: <a href=\"https:\/\/99bitcoins.com\/news\/wazirx-binance-named-in-indias-97-million-crypto-tax-probe\/\" rel=\"bookmark\">WazirX, Binance Named In India\u2019s $97 Million Crypto Tax Probe<\/a><\/strong><\/p>\n<h2 id=\"can-coindcx-acquire-wazirx\">Can CoinDCX Acquire WazirX?<\/h2>\n<p>Is CoinDCX ready to acquire WazirX. \u201cHonestly, it is not in my hands,\u201d said Sumit Gupta, CEO and co-founder of CoinDCX. \u201cThere are many court proceedings and other factors. But we remain open to the idea of helping impacted customers.\u201d<\/p>\n<p>Talking about the security breach at WazirX, Gupta recently said, \u201cAll I know is that Indian customers have been impacted due to security breach and that also directly impacts user sentiment.\u201d<\/p>\n<p>Gupta insisted that CoinDCX is ready to put money out of its pocket to compensate for whatever loss WazirX suffered.<\/p>\n<p>Criticising the way WazirX handled the security breach, Gupta said, \u201cIn case of WazirX, I believe they could have handled it better. In our case, we have implemented robust measures to safeguard our customers in the unlikely event of an incident.\u201d<\/p>\n<div class=\"row interview-answer\">\n<p>\u201cAs we want to play an active role in growing the ecosystem, we are here to perform whatever is required to help customers regain confidence,\u201d Gupta said. \u201cOf course, we will get the business but as a market leader it is critical for us to act.\u201d<\/p>\n<\/div>\n<div class=\"row interview-answer\">\n<p>\u201cMaybe once the court clearance happens, within a month or two we will have an update, but yes the intent is there,\u201d Gupta clarified.<\/p>\n<p><strong>Explore: <a href=\"https:\/\/99bitcoins.com\/news\/indias-coindcx-ceo-is-hoping-for-relaxation-on-crypto-taxation-in-budget-2025-and-can-coindcx-acquire-wazirx\/\" rel=\"bookmark\">India\u2019s CoinDCX CEO Is Hoping For Relaxation On Crypto Taxation In Budget 2025. And Can CoinDCX Acquire WazirX?<\/a><\/strong><\/p>\n<\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/wazirx-hack-update-singaporean-court-approves-companys-restructuring-plan\/\">WazirX Hack Update: Singaporean Court Approves Company\u2019s Restructuring Plan<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>WazirX came up with a restructuring plan to repay 80% user funds lost in a major cyberattack. And the Singapore High Court has ruled in the favor of WazirX\u2019s parent company, Zettai Pte Ltd. The ruling allows the company \u201cto distribute assets associated with WazirX to users, and to revive operations of the platform.\u201d On [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-10112","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10112"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10112\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}