WazirX’s Efforts to Cover Legal Costs After Cyberattack
WazirX, a prominent Indian cryptocurrency exchange, is allocating significant funds to handle legal expenses stemming from a recent cyber heist that resulted in the loss of hundreds of millions in digital assets. Here’s a breakdown of the latest developments:
- Legal Protection: WazirX has earmarked millions of dollars to address legal challenges following a cyberattack.
- The Singapore-based holding company, Zettai Pte Ltd, has sought a 30-day moratorium from the High Court of Singapore, aiming to engage with investors and creditors to stabilize the platform.
- User Funds: In the wake of the attack, WazirX halted withdrawals and is working on restoring user funds, which were compromised during the security breach.
- Attackers made off with $230 million in various cryptocurrencies, including $102 million worth of Shibu Inu tokens.
Concurrency of legal conduct Amidst Cybersecurity Breach
WazirX has encountered significant challenges handling the aftermath of the cyber incident. Stay tuned for further updates as the situation unfolds.
Hot Take: Navigating the Fallout
As a crypto enthusiast, it’s essential to stay informed about security breaches and their implications on the broader cryptocurrency ecosystem. Being aware of ongoing developments can help you make informed decisions regarding your digital assets.
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