After the Singapore High Court approved the moratorium application of Nischal Shetty representing WazirX crypto exchange, the users have mixed response to the court order, some hailing the move while some still questioning the intent behind it, as they eagerly await their funds retrieval post the Rs 2000 crore hack.
Singapore High Court judicial commissioner Kristy Tan, on Thursday morning, approved the moratorium application filed by Shetty vis-a-vis Zettai Pte Ltd, the Singapore based parent entity of WazirX. As per judge, the moratorium will give four months breathing space to WazirX management against any legal cases with four certain conditions put by the judge.
The exchange management is supposed to organize an independent voting of all its users to seek support of their restructuring scheme and then get it approved again by court within next four months.
The four conditions laid down by judicial commissioner Kristy Tan are:
- Publish Wallet Addresses of WazirX through court affidavit.
- Public Book of Accounts of WazirX through court affidavit.
- Respond to users’ queries and grievances.
- Run a poll for seeking support of restructuring process on an independent platform.
How WazirX Users responded to Moratorium Approval?
Several users of WazirX took to social media to express their opinion regarding the moratorium order by the Singapore High Court in the WazirX hack case. Some expressed relief stating that at least the judgement by court is balanced and enforces transparency on the end of WazirX management.
Many WazirX users still remain skeptical of the exchange management, claiming that the moratorium application approval has taken the pressure off them and given them “legal immunity”.
Other users also noted how the alleged WazirX hacker is busy laundering Rs 2000 crore worth of crypto funds while WazirX exchange is entangled in a legal battle with Binance, CoinSwitch and other parties while 4.4 million users are anxiously awaiting their funds back.
Some users also opined that a four months breathing space was unnecessary and court could have ordered WazirX to immediately disburse funds.
As per the proposed scheme announced by WazirX and directed by the court, users will get an opportunity to vote through an independent third-party platform regarding whether they approve the restructuring scheme where they are expected to take a loss of 45% individually.
Read More: WazirX Moratorium Approved by Singapore Court: What Now?
