WazirX to List Its 240,000 Wallets and Balances as Part of Debt Restructuring

WazirX plans to disclose 240,000 wallet addresses and balances in an affidavit filed with the High Court of Singapore amid ongoing debt restructuring efforts.

The exchange has been working to repay customers after a $230 million cyberattack in July crippled WazirX’s operations and left users without access to funds.

The exchange’s holding company, Zettai Pte Ltd, is overseeing the restructuring process to stabilize operations and address outstanding liabilities.

“At WazirX, we’ve always believed that transparency is key to building and maintaining trust with our users,” the exchange wrote on Twitter Wednesday.

In anticipation of users balking at the sheer number of wallets the exchange maintained, WazirX explained in the blog post how managing a large volume of wallets is standard practice for a firm serving 4.3 million users.

The exchange confirmed most wallet balances have already been swept and consolidated into cold, warm, or hot wallets used for operational purposes, with the remaining balances being carefully consolidated to avoid high network fees.

Crypto Exchange WazirX Hit With ‘Security Breach,’ $235 Million Moved

Indian crypto exchange WazirX has suffered a “security breach” after almost $235 million in funds were moved in a suspicious transfer. In a tweet, the exchange confirmed that one of its multisig wallets had experienced a security breach, and that it was “actively investigating the incident.” It added that crypto and rupee withdrawals have been “temporarily paused” following the breach. The firm did not comment on the amount of cryptocurrency affected by the breach, but an earlier tweet by blockc...

WazirX stated how the disclosure aims to rebuild trust by providing an unfiltered view of its operations, ensuring creditors and users are informed ahead of any legal filings.

"Transparency starts with showing you everything, even if that means sharing what might seem like overwhelming data,” the exchange noted.

Fallout From the Cyber Attack

The July breach resulted in multiple suspicious transactions with stolen assets including Pepe (PEPE), Gala Games (GALA), Tether (USDT), and Ethereum (ETH).

The hacked assets were moved in a series of transactions through Tornado Cash, a coin mixer designed to obscure the origin of funds.

WazirX Recovery Impacted as Hackers Keep Sending Ethereum Through Tornado Cash

The WazirX crypto exchange hackers have nearly completed their efforts to launder the $230 million haul through coin mixer Tornado Cash, throwing a wrench into the efforts to recover funds for affected users. Hackers have moved 15,000 ETH (nearly $40 million today) since Monday night across scores of transactions. The development followed the High Court of Singapore granting the Indian crypto exchange WazirX a four-month moratorium to restructure its liabilities following the midsummer hack of m...

In the immediate aftermath of the hack, WazirX paused all crypto and Indian Rupee (INR) withdrawals, leaving many users stranded.

Although the exchange has since resumed partial INR withdrawals, crypto withdrawals remain suspended as WazirX consolidates remaining wallet balances and works toward restoring user access.

WazirX Seeks 30-Day Moratorium to Restructure as Rival Sues for Locked Funds

Crypto exchange CoinSwitch has taken legal action against its beleaguered competitor WazirX over funds stuck on the latter’s platform following an alleged cyber attack in July.  The lawsuit is being filed the same day that WazirX announced in a blog post that yesterday it filed for a 30-day moratorium with Singapore’s High Court. A hearing date has not yet been scheduled, the exchange wrote. If the moratorium is approved, it’ll give the exchange “breathing space while Zettai progresses with a r...

The Singapore High Court granted WazirX a four-month moratorium, during which the exchange could restructure its liabilities. However, legal disputes with competitor CoinSwitch over $9.7 million in locked funds have complicated the process.

Authorities suspect that state-backed actors like the North Korean Lazarus Group were involved in the WazirX breach. The Lazarus Group is notorious for laundering stolen assets across jurisdictions, exploiting the decentralized nature of coin mixers.

Edited by Stacy Elliott.