WazirX Crypto Exchange Granted Extension for Restructuring Following Hack

An Indian court has granted the WazirX cryptocurrency exchange additional time to restructure its operations following a significant hacking incident. The exchange was initially required to adhere to a specific restructuring timeline, but unforeseen circumstances led the court to permit an extension of the deadline. This decision comes amidst ongoing scrutiny of cryptocurrency trading platforms in India, as the government seeks to better regulate the sector. The extension aims to enable WazirX to address the security vulnerabilities it experienced and implement more stringent measures to safeguard user funds. The proposed restructuring plan includes substantial enhancements to the security infrastructure, staff training on the latest security protocols, and the implementation of regular security audits. In addition, the exchange is seeking to strengthen its partnerships with specialized cybersecurity firms to ensure continuous protection against potential threats. WazirX officials hope that this extension will contribute to boosting user confidence and restoring the platform’s position as one of the leading cryptocurrency exchanges in India. The additional time will also be utilized to conduct a comprehensive review of the platform’s operations and compliance with local and international regulations.