WazirX News

The Monetary Authority of Singapore has effectively banned most crypto firms from serving only foreign clients by requiring a license, which it says it will “generally not issue.”

India-focused crypto exchange WazirX is relocating operations to Panama and rebranding its parent company as Zensui.

Most WazirX creditors voted to approve the crypto exchange’s post-hack restructuring plan, paving the way for repayment through a mix of liquid assets and recovery tokens.

WazirX warns creditors that repayments could be delayed until 2030 if they reject its restructuring plan, which was recently approved by the High Court of Singapore.

WazirX’s restructuring plan, approved by the Singapore High Court, paves the way for restoring user funds stolen in a $235 million hack linked to North Korea’s Lazarus Group.

WazirX has implemented a Singapore-backed restructuring plan to recover from the $235 million cyberattack in July 2024.

CoinSwitch expects it will take two years to distribute $70 million in recovery funds to WazirX users who lost money due to an alleged cyberattack last year.

India has recovered $14 million in goods and services tax from crypto firms like WazirX, but Binance has yet to pay its $85 million tax evasion liabilities, the minister said.

Delhi Police made a breakthrough in the WazirX hacking case, arresting a key suspect in West Bengal.

According to Liminal, 75 days after the hack, WazirX still kept more than $175 million in Liminal custody despite blaming the custodian for causing the breach.

WazirX’s $235 million hack recovery efforts face hurdles as internal findings yield little to no significant breakthroughs. 

Binance urged the WazirX team to take accountability for the hack and compensate users for the loss of funds.

A wallet address associated with the WazirX hacker has transferred $6.5 million worth of stolen ETH to Tornado Cash as the exchange opens up withdrawals to users ahead of time. 

Crypto hackers have stolen over 15.5% more in 2024 so far compared to the same period last year.

The crypto security team is preparing to launch a battleground for hackers and crypto protocols at the DeFi Security Summit at Devcon in November.