Haberler   
  English   
  Kurdî   
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 15/01/2025 12:48 
News  > 

The desperate wait of the customers of the giant crypto exchange continues: Their investments are at risk.

The desperate wait of the customers of the giant crypto exchange continues: Their investments are at risk.

03.09.2024 10:21

The situation of India's giant cryptocurrency exchange WazirX is becoming critical after a hacking attack. Following the attack, there is a risk of customers losing more than half of their funds. The decision of the Singapore High Court will be decisive for the future of the exchange and investors.

The WazirX platform was shaken by a major cyber attack in recent months, and customer funds suffered significant damage. Users who still cannot access their assets on the cryptocurrency exchange continue to wait in despair. Experts who commented on the matter state that during the restructuring process, customers will only be able to recover a portion of their funds. Legal advisors emphasize that it will be difficult to fully recover customer assets in this process.

CRITICAL PROCESS FOR WAZIRX AFTER HACK ATTACK

Hope for users to recover their investments is diminishing following the major hack attack on the cryptocurrency exchange WazirX. Legal and financial experts state that the company is facing a very narrow way out of the difficult situation it is in.

Nischal Shetty, the Indian co-founder of WazirX, stated in a recent press conference that users are at risk of losing almost half of their funds. George Gwee from Kroll, the firm managing the restructuring process, predicted that even in the best-case scenario, users will only be able to recover 55-57% of their investments.

In the coming days, a critical hearing will take place at the Singapore High Court, which will closely concern WazirX customers and investors. The court will evaluate the six-month legal protection application made by Zanmai India, the operating company of the exchange, following the cyber attack in July that caused approximately $234 million in losses.

Shetty emphasized that the current situation is temporary and they are trying to minimize the damage, stating, "We will be able to draw a clearer picture in the coming weeks." Jason Kardachi from Kroll stated that options such as the involvement of a rescuer investor or the recovery of a portion of the lost funds are being considered, but they are not definite solutions.

Kardachi said, "Speaking in the terminology of the crypto world, it does not seem likely that we will fully satisfy the users. The market's recovery or external support may provide some improvement, but it is not realistic to recover all the funds lost due to the hack."



 
Latest News

  • Thousands of people will be issued green passports.
  • The Minister of Trade, Ömer Bolat, announced that efforts are ongoing to reduce export financing costs. Bolat also stated that they plan to issue green passports to 8,500 exporters by 2025.
  • 11 minutes ago...

  • Iran denied allegations that they attempted to assassinate Trump.
  • Iranian President Masoud Pezeshkian rejected allegations that they attempted to assassinate Donald Trump during last year's election campaign in the United States. Using striking expressions, Pezeshkian stated, "Iran has neither attempted to carry out an assassination against anyone nor is it planning to do so."
  • 20 minutes ago...

  • Neslihan Atagül's pregnancy photos!
  • Famous actress Neslihan Atagül Doğulu, who is in her 8th month of pregnancy, shared new photos of her baby bump on her social media account. The actress's fans couldn't help but react to those poses.
  • 21 minutes ago...

  • The famous automotive company is going bankrupt.
  • The transition costs to electric vehicles, the chip crisis, high inflation, and market competition are causing a series of crises and bankruptcies in the German automotive sector. Recently, the company Metall-Beschichtung Wurmlingen (Mbw) filed for bankruptcy due to financial difficulties.
  • 29 minutes ago...

 
 
Top News