Scheduled maintenance is now completed. Account balances have been restored, and all trades made on the WazirX platform after the withdrawal stoppage at 1 PM IST on 18th July 2024 have been undone.
Thank you for your continued patience and support. 🙏
Thank you for your continued patience and support. 🙏
👋 tribe! On top priority we’re working on two aspects:
1. Solution for INR balances
2. Solution for crypto balances
Both these solutions need legal analysis which is ongoing. At the same time we’re also waiting on some positive confirmations from the various partners who can help solve these issues.
Please give us some more time as we work on finding the best solutions to these two issues. Please don’t panic, we will get back on these as soon as we can.
We understand the anger around the situation and the desire to take drastic actions, but these things will further lead to delays. Hence requesting your patience while we work on bringing clarity as soon as we can 🙏
1. Solution for INR balances
2. Solution for crypto balances
Both these solutions need legal analysis which is ongoing. At the same time we’re also waiting on some positive confirmations from the various partners who can help solve these issues.
Please give us some more time as we work on finding the best solutions to these two issues. Please don’t panic, we will get back on these as soon as we can.
We understand the anger around the situation and the desire to take drastic actions, but these things will further lead to delays. Hence requesting your patience while we work on bringing clarity as soon as we can 🙏
Google Subsidiary Mandiant confirms WazirX Laptops were not compromised in the cyberattack.
Mandiant, a leading cybersecurity firm, and Google subsidiary has confirmed that the laptops used by WazirX team members during the recent $230M cyberattack were NOT COMPROMISED.
This conclusion marks a crucial milestone in our ongoing investigation and reaffirms our commitment to securing our systems. The findings are the result of a rigorous and comprehensive process, which we have diligently undertaken since the attack. They have been shared with law enforcement and other investigative agencies to aid in the recovery of stolen assets. We remain committed to full transparency and are working closely with global partners to protect our community and build a safer crypto ecosystem for all.
Read more details here 👉 https://wazirx.com/blog/google-subsidiary-mandiant-certifies-wazirx-laptops-were-not-compromised/
Mandiant, a leading cybersecurity firm, and Google subsidiary has confirmed that the laptops used by WazirX team members during the recent $230M cyberattack were NOT COMPROMISED.
This conclusion marks a crucial milestone in our ongoing investigation and reaffirms our commitment to securing our systems. The findings are the result of a rigorous and comprehensive process, which we have diligently undertaken since the attack. They have been shared with law enforcement and other investigative agencies to aid in the recovery of stolen assets. We remain committed to full transparency and are working closely with global partners to protect our community and build a safer crypto ecosystem for all.
Read more details here 👉 https://wazirx.com/blog/google-subsidiary-mandiant-certifies-wazirx-laptops-were-not-compromised/
👋 tribe! Please note that all open orders currently placed on WazirX will be canceled. Any INR and crypto assets blocked in these open orders will be added to your respective balances.
This step is part of our ongoing efforts to resolve the issue surrounding INR and crypto balances on the platform.
Thank you for your continued patience and support 🙏
This step is part of our ongoing efforts to resolve the issue surrounding INR and crypto balances on the platform.
Thank you for your continued patience and support 🙏
📢 Important Announcement About INR Withdrawals and Crypto Next Steps
The last month has been a difficult time for users of the WazirX platform due to the cyberattack on 18 July 2024 and the subsequent suspension of withdrawals and trading to mitigate impact to the platform. We apologize for this delay which has been necessary to assess the situation and establish credible next steps to optimize a resolution for users.
Over the last few weeks, the WazirX team has been working tirelessly with its partners to work out a plan and we are pleased to inform all users of next steps to address the two main user concerns: cryptocurrency balances and INR balances.
Read more 👉 https://wazirx.com/blog/announcement-2/
The last month has been a difficult time for users of the WazirX platform due to the cyberattack on 18 July 2024 and the subsequent suspension of withdrawals and trading to mitigate impact to the platform. We apologize for this delay which has been necessary to assess the situation and establish credible next steps to optimize a resolution for users.
Over the last few weeks, the WazirX team has been working tirelessly with its partners to work out a plan and we are pleased to inform all users of next steps to address the two main user concerns: cryptocurrency balances and INR balances.
Read more 👉 https://wazirx.com/blog/announcement-2/
👋 tribe! We understand that our decision to pursue this restructuring path may raise some concerns, but we want to emphasize that it is the most expedient and legally sound approach to addressing the current crypto-related issue.
We believe this direction is in the best interest of our platform users, allowing us to move forward efficiently. Unfortunately, there are external parties, not invested in the platform, who may attempt to prolong this situation for their own reasons. Their intention appears to be maintaining uncertainty rather than finding a resolution.
Our primary goal is to assist our users in recovering as much as possible while simultaneously exploring ways to enhance value. Please be assured that we are continuously evaluating all available options, but as previously noted, these solutions require time and patience.
Moreover, we are actively pursuing various legal avenues and bounty programs to recover stolen assets. These efforts are ongoing, and we remain fully committed to achieving the best possible outcome for our users.
We will provide more details regarding the restructuring process next week. Please keep in mind that this is not a bankruptcy or liquidation—those paths would take several years to resolve. We encourage caution against certain individuals who may attempt to guide you toward those options for their personal gain.
It is regrettable that some are trying to exploit this situation for their own engagement. We encourage everyone to focus on achieving the most effective and quick resolution, which is through restructuring.
Thank you for your patience and understanding 🙏
We believe this direction is in the best interest of our platform users, allowing us to move forward efficiently. Unfortunately, there are external parties, not invested in the platform, who may attempt to prolong this situation for their own reasons. Their intention appears to be maintaining uncertainty rather than finding a resolution.
Our primary goal is to assist our users in recovering as much as possible while simultaneously exploring ways to enhance value. Please be assured that we are continuously evaluating all available options, but as previously noted, these solutions require time and patience.
Moreover, we are actively pursuing various legal avenues and bounty programs to recover stolen assets. These efforts are ongoing, and we remain fully committed to achieving the best possible outcome for our users.
We will provide more details regarding the restructuring process next week. Please keep in mind that this is not a bankruptcy or liquidation—those paths would take several years to resolve. We encourage caution against certain individuals who may attempt to guide you toward those options for their personal gain.
It is regrettable that some are trying to exploit this situation for their own engagement. We encourage everyone to focus on achieving the most effective and quick resolution, which is through restructuring.
Thank you for your patience and understanding 🙏
📢 Moratorium Application Filed in Singapore Court
We wish to update all users of the WazirX Platform that we have taken the next step to address users' crypto balances following the 18 July 2024 cyberattack by filing for a moratorium with the Singapore High Court under the Insolvency, Restructuring and Dissolution Act 2018. This will provide the necessary space to restructure crypto liabilities of the Platform through a Scheme of arrangement.
A townhall will be held in the week commencing 2 September 2024 to explain key features of the moratorium and the Scheme. Further details in respect of this townhall will be provided in the coming days and users will be given the opportunity to submit questions in advance of the townhall 🙏
Read more for details 👉 https://wazirx.com/blog/wazirx-moratorium-application-filed/
We wish to update all users of the WazirX Platform that we have taken the next step to address users' crypto balances following the 18 July 2024 cyberattack by filing for a moratorium with the Singapore High Court under the Insolvency, Restructuring and Dissolution Act 2018. This will provide the necessary space to restructure crypto liabilities of the Platform through a Scheme of arrangement.
A townhall will be held in the week commencing 2 September 2024 to explain key features of the moratorium and the Scheme. Further details in respect of this townhall will be provided in the coming days and users will be given the opportunity to submit questions in advance of the townhall 🙏
Read more for details 👉 https://wazirx.com/blog/wazirx-moratorium-application-filed/
📢 First Townhall Announcement
Join us at the Townhall to discuss the proposed restructuring and Moratorium Application.
🗓️ 2nd September 2024 at 1.30 PM IST
🕜 Set a reminder 👉 https://www.youtube.com/live/DPT9VZ9yhE4?si=MK6nPpZNnSVYOjEa
Join us at the Townhall to discuss the proposed restructuring and Moratorium Application.
🗓️ 2nd September 2024 at 1.30 PM IST
🕜 Set a reminder 👉 https://www.youtube.com/live/DPT9VZ9yhE4?si=MK6nPpZNnSVYOjEa
We've received many questions around the Moratorium Application. In this blog, we have updated the FAQs section with relevant answers. We'll continue to update this blog with answers as we receive more questions.
Read here 👉 https://wazirx.com/blog/wazirx-moratorium-application-filed/
Read here 👉 https://wazirx.com/blog/wazirx-moratorium-application-filed/
📢 Second Townhall Announcement
Join us at the Townhall to discuss the draft restructuring proposal and for a walk through and explanation of the worked examples.
🗓️ 16th September 2024 at 3:30 PM IST
🕞 Set a reminder 👉 https://www.youtube.com/live/GRllabwqit0?si=KVlVwF-3psqm44H2
Join us at the Townhall to discuss the draft restructuring proposal and for a walk through and explanation of the worked examples.
🗓️ 16th September 2024 at 3:30 PM IST
🕞 Set a reminder 👉 https://www.youtube.com/live/GRllabwqit0?si=KVlVwF-3psqm44H2
In an effort to simplify things, we've addressed one of the most frequently asked questions in this video: How does the Moratorium Process work?
Watch this 👉 https://youtu.be/HD6RygEDQDs?si=Tqo4xqjRXg3jvJq3
Watch this 👉 https://youtu.be/HD6RygEDQDs?si=Tqo4xqjRXg3jvJq3
📢 WazirX Granted Four-Month Moratorium by Singapore Courts
In a crucial decision, the Singapore courts have granted WazirX a four-month moratorium, affirming the company's compliance with the legal and procedural requirements under Section 64 of the IRDA. This decisive court ruling highlights WazirX's commitment to act swiftly and responsibly in the interests of all stakeholders.
The court noted that from the onset of the proceedings, WazirX has actively engaged with creditors. The court acknowledged WazirX’s prompt response in filing for the moratorium. This action paves the way for the fastest, creditor-approved, and legally binding resolution to restore crypto balances, ensuring a fair and timely outcome for all stakeholders.
As part of the court's conditions, WazirX will make wallet addresses public via a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinized by independent parties.
The court has recognized WazirX’s proactive steps and our dedication to formulating a quick and effective scheme of arrangement. We are working diligently with our advisors and stakeholders to develop a comprehensive plan that addresses the needs of parties involved. WazirX appreciates the court's trust and confidence in our actions.
WazirX will continue to provide updates on our progress and further developments. We are steadfast in our commitment to resolve this matter efficiently and equitably 🙏
In a crucial decision, the Singapore courts have granted WazirX a four-month moratorium, affirming the company's compliance with the legal and procedural requirements under Section 64 of the IRDA. This decisive court ruling highlights WazirX's commitment to act swiftly and responsibly in the interests of all stakeholders.
The court noted that from the onset of the proceedings, WazirX has actively engaged with creditors. The court acknowledged WazirX’s prompt response in filing for the moratorium. This action paves the way for the fastest, creditor-approved, and legally binding resolution to restore crypto balances, ensuring a fair and timely outcome for all stakeholders.
As part of the court's conditions, WazirX will make wallet addresses public via a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinized by independent parties.
The court has recognized WazirX’s proactive steps and our dedication to formulating a quick and effective scheme of arrangement. We are working diligently with our advisors and stakeholders to develop a comprehensive plan that addresses the needs of parties involved. WazirX appreciates the court's trust and confidence in our actions.
WazirX will continue to provide updates on our progress and further developments. We are steadfast in our commitment to resolve this matter efficiently and equitably 🙏
📢 Formation of Committee of Creditors (COC)
We're in the process of forming a Committee of Creditors (COC) to represent creditors' interests in the proposed restructuring of Zettai Pte Ltd. The COC will play a critical role in providing feedback, monitoring progress, and facilitating communication between creditors and the company.
Here are answers to a few key questions:
1. What is the COC's purpose?
The COC will represent creditors and act as a consultative body to provide feedback on the restructuring process.
2. How will COC members be selected?
COC members will be chosen based on a transparent selection process, ensuring fair representation across creditor pools.
3. What are the roles and responsibilities of COC members?
COC members will represent all creditors, attend meetings, and provide input on creditor preferences, progress, and restructuring.
For full details on the COC formation process, please read the blog 👉 https://wazirx.com/blog/announcement-formation-of-a-committee-of-creditors/
We're in the process of forming a Committee of Creditors (COC) to represent creditors' interests in the proposed restructuring of Zettai Pte Ltd. The COC will play a critical role in providing feedback, monitoring progress, and facilitating communication between creditors and the company.
Here are answers to a few key questions:
1. What is the COC's purpose?
The COC will represent creditors and act as a consultative body to provide feedback on the restructuring process.
2. How will COC members be selected?
COC members will be chosen based on a transparent selection process, ensuring fair representation across creditor pools.
3. What are the roles and responsibilities of COC members?
COC members will represent all creditors, attend meetings, and provide input on creditor preferences, progress, and restructuring.
For full details on the COC formation process, please read the blog 👉 https://wazirx.com/blog/announcement-formation-of-a-committee-of-creditors/