All posts tagged: WazirX

HC orders Yes Bank to restore API services to WazirX

HC orders Yes Bank to restore API services to WazirX

Published by Parlour News

MUMBAI: The Bombay High Court on Wednesday granted interim relief to cryptocurrency exchange WazirX, ordering Yes Bank to restore its application programming interface (API) facility and banking services within three days. FILE PHOTO: A security guard stands outside a Yes Bank branch at its headquarters in Mumbai, India January 17, 2018. Picture taken January 17, 2018. REUTERS/Danish Siddiqui/File Photo (REUTERS) A vacation bench of justices Gautam Ankhad and Sandesh D Patil observed that denying the crypto platform access to banking facilities severely affects its functioning. Zanmai Labs Pvt Ltd, which operates WazirX, had approached the high court, challenging Yes Bank’s abrupt discontinuation of its API services on April 21. Senior advocate Mustafa Doctor, representing WazirX, informed the bench that the crypto platform processes large volumes of financial transactions through the bank’s API services in the ordinary course of its business. API services enable seamless fund transfers and settlements between the platform and its customers, it said. According to the petition, Yes Bank sent WazirX an email on March 24 stating that its API facility would …

WazirX Reimbursement Plan Faces Delay as Singapore Court Extends Existing Moratorium to June 6

WazirX Reimbursement Plan Faces Delay as Singapore Court Extends Existing Moratorium to June 6

Published by Webster

WazirX recently concluded the customer voting on its restructuring scheme designed to compensate users affected by the hack incident in July last year. After a majority of creditors voted in favour of the proposal, the exchange reported the development to the Singapore High Court, seeking a final nod to start the reimbursement process. However, the court decided to defer the case to another date, and directed WazirX and its parent company Zettai to complete some more documentation work. The exchange took to X (formerly Twitter) to explain the latest development, which seemingly aggravated the creditors who reacted to the post with sharp criticism. WazirX, however, conveyed through its post that “they are doing everything we can to make this possible under an effective scheme”. If you want to refund the money….why courts permission is required?…if you don’t want to refund…you deny…why are you going round and round? How can you alive keeping our money with you…have some shame.. Comments section also disabled..why? https://t.co/bh5nIEzGH8 — VSM (@range_13) May 16, 2025 For now, the Singapore court has …

WazirX Restructuring Plan Heads to Court in January; Risk of Liquidation If Rejected

WazirX Restructuring Plan Heads to Court in January; Risk of Liquidation If Rejected

Published by Webster

WazirX users affected by the July hacking incident may face a longer wait for clarity on compensation. In a recent update, Zettai announced plans to present its proposed financial restructuring scheme to the Singapore Court on January 22, 2025. Zettai, the Singapore-registered entity managing WazirX’s crypto assets, oversees the Indian exchange, which lost over $230 million (roughly Rs. 1,900 crore) in the July 18 attack. Since the hack, WazirX has yet to fully restore its services and continues to face intense criticism on social media. In a statement to Gadgets 360, Zettai confirmed it is awaiting Singapore Court approval to present its restructuring scheme to creditors. This means WazirX creditors may have to wait at least another month before any compensation is disbursed. If the court allows the proposal to proceed, the scheme will require at least 75 percent approval from creditors to take effect. Only with this majority vote will the restructuring plan be implemented. Amid mounting criticism, WazirX has disabled comments on its posts on X. :loudspeaker: The Road Ahead We’re moving step-by-step …

WazirX Reimbursement Plan Faces Delay as Singapore Court Extends Existing Moratorium to June 6

WazirX Hack: Zettai Requests Court Approval to Present Restructuring Plan for Creditor Vote

Published by Webster

Zettai, the Singapore-registered entity overseeing the WazirX crypto exchange in India, is seeking to engage with its creditors following the July hack that resulted in losses exceeding $230 million (roughly Rs. 1,900 crore). In response to the incident, Zettai began developing a financial restructuring plan under the supervision of the Singapore High Court. In a recent update, Zettai announced it has applied to the court for permission to convene a meeting with its creditors, during which it plans to present the proposed restructuring scheme for their approval. Details on Restructure Plans WazirX announced in a press release on Tuesday, December 10, that the proposed scheme was submitted to the court on December 6, 2024. In its statement, the exchange emphasised that the scheme “prioritizes creditors by providing a structured roadmap for recovery. If the court permits Zettai to convene a meeting of its Scheme Creditors, the proposed plan can be presented for a vote.” If approved, the scheme could have Zettai initiate initial fund distributions within 10 business days. “Under the scheme the net available …

How badly was the Indian crypto investor community hit by the $230 million WazirX hack?

Published by Parlour News

Harsh Gupta, 19, was so fascinated by cryptocurrency that he started trading on the Indian crypto exchange WazirX. He initially used his mother’s name to set up the account because he was a minor. Later, he set up his own account. When a WazirX wallet was exploited on July 18, Gupta had about ₹60,000 in his WazirX account, and another ₹18,000 in the WazirX account under his mother’s name. Gupta admitted that he wasn’t really affected by the hack as the amount locked in WazirX was only a small percentage of his investments. Still, he was upset for the many WazirX users who lost lakhs of rupees or even their life savings; he wanted to urgently raise awareness about their plight. “Many people I know can’t live a normal life now, they can’t eat, they can’t sleep. They are now living in a constant misery and have no clarity of what will happen to their money,” Gupta told The Hindu in an email, adding, “WazirX has no rights to hold on to their user funds. …

WazirX’s Moratorium Plan Backed by Just 441 Users Amidst Widespread Social Media Backlash

Published by Webster

WazirX, which suffered a loss of over $230 million (approximately Rs. 1,900 crore) in a hack in July, is now working to restructure its finances. In a recent affidavit, the exchange revealed that only 441 users have supported the moratorium appeal filed by its majority stakeholder, Zettai, in a Singapore court. With two million monthly active users, according to data shared with Gadgets360, this means just 0.02 percent of WazirX’s user base has backed the steps taken toward finalising a restructuring and compensation plan. A moratorium appeal essentially buys one month of breathing time for the applying entity, but can be extended. In August, when Zettai filed the appeal in Singapore, the WazirX team issued its first affidavit, informing users that it could take up to six months to finalize a financial reorganization plan, including steps to assist users in recovering their funds. This week, WazirX issued its second affidavit, revealing recent communication details with its users. “As of the morning of 9 September 2024, Zettai received more than 1700 emails from the platform’s users …

WazirX’s Nischal Shetty Asks Users to Withdraw Available Funds as Full Recovery Unlikely

Published by Webster

On Monday, September 2, the WazirX team, including co-founder Nischal Shetty, held a virtual townhall with members of the media. During this meeting, Shetty informed Gadgets360 that users in urgent need of funds have begun withdrawing their Indian Rupee (INR) balances from the platform. Initially, after the unfreezing of 66 percent of users’ INR balances on August 26, there was a surge in withdrawals. However, the momentum has since slowed down. Despite this, the WazirX team advises users to retrieve their INR balances from the platform while financial restructuring efforts are underway. On July 18, a multi-signature wallet belonging to WazirX, which was under the oversight of Liminal Custody, fell victim to a massive hack, resulting in a loss of over $230 million (approximately Rs. 1,900 crore). This incident caused significant financial distress for WazirX users, exacerbated by the exchange’s decision to suspend trading, withdrawals, and deposit services. Currently, crypto withdrawals on the platform remain suspended, and 34 percent of users INR funds remain frozen pending the completion of the investigation. Speaking to Gadgets 360, …

Enforcement Directorate Seizes Rs. 90 Crore Funds Kept in Binance, ZebPay, WazirX Wallets

Published by Webster

The Enforcement Directorate on Tuesday said it has taken possession of funds worth Rs. 90 crore, kept in cryptocurrency wallets of exchanges like Binance, ZebPay and WazirX, as part of a money laundering investigation linked to an online gaming app “scam”. “These crypto assets were subsequently taken into possession and transferred into the crypto wallet of the ED,” the federal agency said in a statement. The investigation pertains to an online gaming scam app “scam” called ‘E-Nugget’ that masqueraded as a gaming platform and “promised” users high returns on their investments. An FIR filed at the Park Street Police Station of Kolkata became the basis of the ED case that was registered under the provisions of the Prevention of Money Laundering Act (PMLA). The app offered a series of enticing games designed for real-money wagering promised users hefty commissions and painted a picture of a “golden investment” opportunity, the ED said. However, this facade quickly fell apart once investments were made with the app going dark and leaving investors stranded without a way to reclaim …

ED seizes crypto assets worth about ₹ 90 crore in ‘E-Nugget’ case

Published by Parlour News

ED has taken possession of frozen crypto assets worth close to ₹ 90 crore, earlier kept in 70 accounts maintained with Binance, ZebPay, and WazirX. | Photo Credit: – The Enforcement Directorate has taken possession of frozen crypto assets worth close to ₹ 90 crore, earlier kept in 70 accounts maintained with Binance, ZebPay, and WazirX. This is in connection with a money laundering case involving online gaming app ‘E-Nugget’, the agency said on Tuesday. The assets have been transferred to the agency’s crypto wallet. The ED alleges that the E-Nugget app, masquerading as a gaming platform, promised users high returns on investments. Properties worth more than ₹ 163 crore, comprising cash, crypto currencies, account balances, and office space, have been attached, seized, or frozen in the case so far. App went dark Explaining the modus operandi, the agency said: “A series of enticing games were designed for real-money wagering and promised users hefty commissions, the app painted a picture of a golden investment opportunity. However, this facade quickly fell apart once investments were made, …

‘Growing Strong in India’: Shiba Inu Said to Be Top Traded Memecoin on WazirX in March

Published by Webster

The month of March proved to be quite the lucrative period for the overall cryptocurrency sector. While Bitcoin attained its new all-time high and Ether came close to creating its own, several altcoins also recorded a notable upswing in their respective trajectories. Indian crypto exchange WazirX, on April 2, released a list of the five most traded cryptocurrencies on its app. As per the Indian exchange, memecoin Shiba Inu secured the first rank on this list indicating that most of the investors engaging with crypto through its app chose to purchase Shiba Inu. In March 2024, Shiba Inu managed to supersede Bitcoin on WazirX’s list of most-traded cryptocurrency. The development has managed to gain major appreciation from the team behind the SHIB coin. “$SHIB was one of the hottest coins on @WazirXIndia in March! The Shib Army is growing strong in India!” the official handle of the @Shibtoken posted on X, re-sharing the WazirX’s list. Originally created as a joke rival to Dogecoin, SHIB was launched in August 2020. The memecoin is presently trading at …