The post WazirX Founder Sets Creditor Committee for Hack Resolution appeared on BitcoinEthereumNews.com.

Nischal Shetty, founder of Indian crypto exchange WazirX has announced the formation of a creditors’ committee in response to the devastating $230 million hack that occurred on the platform. The announcement follows a recent ruling by the Singapore High Court, which granted the exchange a four-month moratorium to devise a restructuring plan aimed at repaying affected customers. WazirX Founder to Form Committee of Creditors Approximately 45% of user funds were stolen during the July 18 hack, and the platform has been under intense scrutiny since then. Moreover, the crypto exchange’s users are losing their calm as their assets are frozen and a full recovery is almost impossible.Hence, in an official statement, Shetty called on the WazirX community to unite and actively participate in the recovery process. He stated, “We’re putting together a committee of creditors and we need YOU to be a part of it. Our aim is to ensure every voice within the WazirX family is heard, bringing together diverse perspectives to create a solution that benefits us all.” His message emphasized the need for collective action and a united front in the wake of the platform’s troubles. Thus, Shetty added, “The path to resolution lies in unity, moving forward hand in hand, driven by the shared goal of a fair and swift outcome for everyone.” We’re putting together a committee of creditors and we need YOU to be a part of it. Our aim is to ensure every voice within the WazirX family is heard, bringing together diverse perspectives to create a solution that benefits us all. We cannot face this challenge alone and we… — Nischal (Shardeum) 🔼 (@NischalShetty) September 30, 2024 This move comes after Singapore High Court’s moratorium, granted on September 26, offers temporary relief to the exchange. The moratorium has put any repayment obligations…

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Filed under: News - @ September 30, 2024 7:26 pm