The court ordered WazirX to disclose its addresses within three weeks from the start date of the moratorium. The exchange must provide information about the remaining funds in the wallets. The platform has three weeks to respond to user requests.
The court also ordered the exchange to disclose its latest management accounts within six weeks. The voting process for the upcoming restructuring will be controlled by an independent party. In addition, a committee of creditors will be created. If WazirX needs more time to complete the restructuring process, the exchange will need to notify the court three weeks before the moratorium expires.
WazirX founder Nischal Shetty thanked the court for the decision, saying the company will be able to “better focus” on restructuring and returning client funds.
WazirX has committed to develop a legally binding agreement to repay its debts in accordance with a schedule established jointly with creditors. The exchange said it would distribute its share of the cryptocurrencies held in reserve to lenders. WazirX
Previously, WazirX users reported fraudulent emails in which scammers promise victims compensation in WZA tokens. Attackers direct people to phishing sites and then steal their personal data and crypto assets.
Source: Bits
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