WazirX has filed an software with the Singapore Excessive Court docket for a moratorium.
The plan proposes to alloocate the influence from the cyberattack pro-rata throughout customers.
Indian cryptocurrency change 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 by which the courtroom will determine whether or not to grant the moratorium has not but been scheduled.
Co-founder Nischal Shetty submitted an affidavit to assist the applying below the title of Zettai Pte, which is integrated in Singapore. Zanmai India is the subsidiary of Zettai and operates WazirX. A dispute with Binance is ongoing over who owns the platform.
Because of “confidentiality obligations … we could not be capable of disclose sure data referring to the dispute,” WazirX mentioned in a weblog put up.
The affidavit asks the courtroom 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 in opposition to any property of Zettai, besides with the depart of the Court docket.”
The moratorium will present Zettai with respiratory house whereas it progresses with a restructuring, “essentially the most environment friendly technique to deal with customers’ cryptocurrency balances on the Platform and facilitate restoration for customers,” it mentioned.
Underneath the “restructuring, the influence from the cyberattack can be allotted pro-rata throughout customers who rank equally with one another as unsecured collectors, and customers will obtain a share of accessible token property related to the Platform proportionate to their share of all customers’ unsecured claims for his or her account balances,” in keeping with the announcement.
