India-based cryptocurrency exchange Wazirx has provided some explanations regarding the implications of its moratorium filing on social media platform X and in a blog post on Friday, following a $230 million hack.

Regarding the moratorium filing, Wazirx stated: “If the moratorium is not granted, the chances of successful restructuring decrease significantly.” The exchange warned:

Users may have to wait until the dispute with Binance is resolved, as Zettai holds the cryptocurrency tokens under protest.

“In such a scenario, it would be only after the dispute with Binance is resolved that the Platform’s users might have some clarity over who owns the Platform and its cryptocurrency tokens. It is not clear how long this process would take,” Wazirx clarified.

Zettai Pte Ltd. is a Singapore-based company that holds the parent company status for Wazirx. The firm is at the center of an ownership dispute with global crypto exchange Binance. Zettai assumed partial control of Wazirx’s crypto assets from Binance, although it continues to manage these assets “under protest” due to the legal disagreement. Zettai recently filed for a moratorium in the Singapore High Court to delay legal proceedings, aiming to buy time for restructuring following the cyberattack.

Wazirx added that a scheme of arrangement could potentially allow users to receive faster asset distributions, even without external liquidity. “Regardless of the outcome of the dispute with Binance, users would have an unsecured claim against either Binance or Zettai, depending on the ownership ruling,” the exchange noted, emphasizing:

If Binance is deemed the owner, it becomes liable for users’ account balances. If Zettai is confirmed as the owner, it holds that liability instead.

The Indian crypto exchange also addressed concerns about a discrepancy between the bitcoin holdings listed in the affidavit and those in its wallets. Wazirx detailed: “Some users have raised concerns about whether the Wazirx bitcoin wallet indeed holds 1,475 bitcoins. This figure is correct. Of these, 337 bitcoins (approximately $18 million) are held in trust for various law enforcement agencies. Therefore, the affidavit’s figure of 1,138 bitcoins represents only the unsecured liabilities in bitcoin owed to the platform’s users.”

Users have expressed frustration with Wazirx’s handling of the situation, citing delays, lack of transparency, frozen funds, and limited withdrawals. The company’s move to seek legal protection in Singapore has intensified fears of financial losses.

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