WazirX co-founder Nischal Shetty announced on September 30 on the social network X (formerly Twitter) that the recovery process after the hacker attack on the exchange is on track, and he is forming a creditors' committee to take into account the opinions of all parties after the theft of 2000 crore (about $240 million).
Although Shetty's statement looks positive, exchange users have not had access to their funds for two months following the hack, which occurred on July 18. Amid criticism on social media, he disabled comments on his posts as well as on the official WazirX account posts.
Recently, a Singapore court granted WazirX a four-month moratorium, which temporarily protects the company from legal claims. However, for millions of users, this means a longer wait for the return of their funds. The exchange is required to disclose information about its wallets, be transparent with users, and present a financial report within six weeks. Any voting on assets must also take place on an independent platform.
The moratorium gives WazirX a chance for recovery if the company manages to restore operations and return some of the stolen funds, although a large part of them has already been laundered through Tornado Cash. The situation with WazirX has sparked discussions in India's crypto community and could lead to tighter regulation of cryptocurrencies in the country and beyond.
