A WazirX hacker reportedly transferred another 5,000 ETH, worth roughly $11.7 million, to Tornado Cash in July. This latest transaction indicates efforts to launder the stolen funds. A few days back, blockchain security firm PeckShield revealed that an address linked to wazirX hackers transferred 2600.1 ETH [worth roughly $6.5 million] to the privacy protocol Tornado Cash.
WazirX Hacker Moves Another $11.7M Amidst Restructuring Plans 3 Tornado Cash is an extremely popular privacy mixer that conceals both the origin and destination of a transaction. Thus, this transfer via the platform was another step toward complicating the wazirX hackers’ tracing of the illicit funds. Meanwhile, this transfer came right when WazirX was restructuring after suffering from a significant hack in July.
WazirX, India’s largest cryptocurrency exchange, sent an email to all its users with the much-needed update on the restructuring events: “Here are the upcoming events: Hearing of the Moratorium Application 25th September 2024 – 0800 hours IST Via Zoom To be able to join the hearing, creditors need to register and confirm their participation through the WazirX application.
The Singapore High Court has not yet decided on the cramdown proposal. WazirX has issued a fresh vote for all creditors regarding the restructuring plan. The poll wanted confirmation from the creditors on the date of receiving a copy of the Moratorium Application and to state their vote “For” or “Against” the plan or “No Objection.” WazirX draws attention to the fact that creditor participation is an important activity as far as the court’s decision is concerned. Voting will continue until September 21, 2024.
WazirX Second Townhall Meeting
WazirX’s second town hall meeting is scheduled for September 16, during which the draft restructuring proposal will be explained in full. Creditors will have the opportunity to ask questions, and a Google Form will be provided in advance for submitting queries. The event will be livestreamed via YouTube, with a live Q&A session for creditors to participate in real-time.
What’s more, WazirX has reiterated that all user crypto and fiat balances are safe. The exchange has emphasized that the ongoing restructuring process aims for a just legal outcome for all parties involved, including those affected by the WazirX hacker incident.
Users Affected In WazirX Hack Concerned Over Moratorium Rejection
Users affected by the WazirX hack are increasingly concerned about the potential rejection of the moratorium application. The approval of this moratorium would provide Zettai with the necessary “breathing space” to address users’ crypto balances. However, a looming question that worries WazirX users is what would happen if the Singapore court rejects the moratorium request, with recent WazirX community communications indicating potentially unfavorable outcomes.
In response, Zettai has proposed a scheme of arrangement as part of its restructuring program. This scheme could allow users to access a portion of their crypto balance more quickly than if they pursued legal action against the company. WazirX has outlined key benefits of this scheme in a recent update, noting that users would be treated as contingent unsecured creditors of Zettai, with token assets distributed according to their claims.
Moreover, the scheme is designed to enhance token recoveries, which include tracing and recovering tokens related to the WazirX hacker incident, along with revenue-generating initiatives to strengthen the process.
Conclusion
WazirX has called upon its users to assist in the moratorium process, claiming that it is the most effective and least expensive way to address the current crisis. The exchange acknowledged that this process might take longer than some users had anticipated but insisted that it remains the best option for achieving a favorable outcome. Currently, no date has been set for the hearing on the moratorium application, leaving users impacted by the WazirX hack in a state of anxious anticipation. In conclusion, the WazirX hacker incident continues to loom large, with users hopeful for a swift resolution.
