WazirX pushes for restructuring as the fastest way to resume crypto operations

During a digital town hall meeting on Monday, cryptocurrency exchange WazirX and financial advisory solutions company Kroll pushed for seeking a moratorium through the Singapore legal system, even as aggrieved users demanded access to their frozen funds after the July hack that led to the loss of over $230 million. The moratorium would serve to prevent legal action from being taken against WazirX while it undergoes a restructuring, in order to work on a damage control proposal that creditors would vote on and the court would approve. WazirX clarified that while crypto assets were frozen for the duration of the legal proceedings, INR funds would be opened up in phases. WazirX and Kroll urged users to support the moratorium through Singapore while it tried to explore options such as business collaborations with other crypto players, or a “white knight” to rescue to exchange.