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WazirX Founder Sets Creditor Committee for Hack Resolution

Author: Content Editor
Indian crypto exchange WazirX, which recently suffered a $230 million hack, has announced the formation of a creditor's committee in response to the incident. The exchange has been granted a four-month moratorium by the Singapore High Court to devise a restructuring plan that will repay affected customers. Approximately 45% of user funds were stolen in the hack, causing concern among users. WazirX's founder, Nischal Shetty, has called on the exchange's community to unite and participate in the recovery process. The formation of the creditor's committee and the court's conditions for transparency and communication are intended to restore trust in the platform. WazirX must file an extension notice if it requires more time to complete the restructuring process.

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