The news of disappointment has once again come out for millions of users of India’s major Crypto Exchange Wazirx. Last year last year, ₹ 2,000 crore big Wazirx hack Users had a big loss. Since that hack, the company has been waiting for the approval of the Singapore court to return the stranded funds of its users, but no final decision has been taken yet. Recently, the Singapore court has not shown any green signal regarding the repair process and the Mortorium i.e. Fund Freeze Period has been extended till 6 June. This has increased the wait for Wazirx users again.
Decision in Wazirx court postponed, moratorium moved forward
In the hearing held on May 13, the Singapore court has not given any final decision on Wazirx’s repair application and Wazirx gets Singapore Court notice In which the court has asked the company to submit additional affidavits by May 23 so that the repair plan can be reviewed. Currently, the current moratorium has been extended till June 6, which means that the process of returning the stranded funds will remain at the moment.
This decision has brought great disappointment for Wazirx users, as they have been eagerly waiting to get their money back for the last almost a year. There itself Wazirx Trade Has assured many times that he will return the money of the users as soon as possible, but due to the demands of the court, the entire plan has not been finalized yet.
These difficulties of Wazirx are not only for the company but also for India’s crypto investors. Because users are not only waiting for the return of the fund, but during this time trading and other facilities are also limited.
Users’ expectations were shocked again, when will the money still be uncertain
Wazirx had presented a repair plan before the Singapore court in this case, in which 93.4% of the users agreed. Under this plan, 85% of the balance of hack time was to be given back to the users. The exchange had said that the payment process will be started within 10 days after getting approval from the court.
But now the users have not got any fix date to get their funds due to the court demanding additional affidavits and increasing the moratorium. Although the exchange is definitely saying that he is trying his best to fulfill all the conditions of the court, but users are still getting upset.
It has been more than a year since the users’ money has been stranded. This long wait has also affected the economic status of many users and their thinking towards the Environment in the Crypto Market.
Conclusion
This news is disappointing for Wazirx users as the Singapore court has not given any final decision on the repair plan and has been extended to the moratorium. The hopes of returning funds trapped by this have gone away at the moment. Now users will have to wait for the affidavit to be deposited by the company by May 23, only after which the situation will be known. However, it is not only a Wazirx, but a warning for the entire crypto market that investors should be cautious about their fund safety.
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