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".For now, the Singapore court has extended its moratorium cover to WazirX and Zettai to June 6. A moratorium can be explained as a legal authorisation to debtors to postpone payments to creditors. During the moratorium period, the debtors are also safeguarded against the filing of any new cases.Zettai, which is the Singapore-based parent entity of WazirX, first applied for a moratorium in August 2024. What started as an appeal for a thirty-day moratorium, has now been extended to the first week of June.Last month, WazirX announced that 93 percent of its creditors voted in favour of its proposed restructuring scheme. This scheme includes the issuance of tradeable recovery tokens (RTs) and distribution of recoveries through RT purchase mechanisms.As per numbers shared by Zettai last month, 141,476 creditors participated in the polling process and accounted for over $195 million (roughly Rs. 1,673 crore) in claims.The company had committed that the distribution of these RT tokens would begin within seven working days of receiving sanction from the Singapore Court. Creditors will have to wait until June 6 before the case makes any progress.On July 18, 2024, a WazirX multi-signature wallet — managed under the oversight of Liminal Custody — was compromised in a $230 million (roughly Rs. 1,900 crore) hack. The exchange attributed the breach to North Korean hackers, citing investigative reports. Despite announcing a white hat bounty initiative, the exchange has yet to trace the funds that were stolen last year. For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube. Further reading: Cryptocurrency, WazirX, Zettai, Singapore High Court Radhika Parashar Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More Related Stories

May 14, 2025Ravie LakshmananCybercrime / Cryptocurrency A Chinese-language, Telegram-based marketplace called Xinbi Guarantee has facilitated no less than $8.4 billion in transactions since 2022, making it the second major black market to be exposed after HuiOne Guarantee. According to a report published by blockchain analytics firm Elliptic, merchants on the marketplace have been found to peddle technology, personal data, and money laundering services. "The USDT stablecoin is the primary payment method, with the market having received $8.4 billion in transactions to date," the company said. "Some transactions can be linked to funds stolen by North Korea." Xinbi, like HuiOne, has offered its services to scammers in Southeast Asia, including those responsible for so-called romance baiting schemes (formerly referred to as "pig butchering"), which has become one of the most lucrative forms of cybercrime in recent years. What's notable about these criminal bazaars is that they are entirely run on Telegram, becoming a one-stop shop to avail a wide range of services, ranging from technical tools to money laundering services to pull off online fraud at an industrial scale. Xinbi Guarantee, per Elliptic, has 233,000 users, with merchants broken down to broad categories related to money laundering, Starlink satellite internet equipment, fake IDs, and databases of stolen personal information used to target potential victims. Other vendors go a step further by offering to stalk and intimidate any chosen target within China, provide women to act as egg donors or surrogates, or even engage in sex trafficking, indicating that the illicit services go beyond cyber scams. "The marketplace is seeing strong growth - with Q4 2024 the first quarter to see inflows of more than $1 billion," Elliptic said. "Transaction volumes on Chinese-language Guarantee marketplaces such as Huione and Xinbi Guarantee dwarf those of the first generation of Tor-based darknet marketplaces." But perhaps the most interesting aspect of Xinbi is that it claims to be an "investment and capital-guarantee group company" registered in the U.S. state of Colorado by someone named Mohd Shahrulnizam Bin Abd Manap. According to the state corporate register, the company was incorporated in August 2022. It has since been marked as "Delinquent" for failing to file its periodic reports. Both Xinbi and HuiOne Guarantee have also been used to launder cryptocurrency assets stolen by North Korea following the hack of the Indian cryptocurrency exchange WazirX last July, with $220,000 in USDT sent to the wallet addresses controlled by the former on November 12, 2024. In response to the findings, Elliptic said Telegram has shut down thousands of channels belonging to the two services, effectively disrupting the two largest marketplaces that have engaged in over $35 billion in USDT transactions. The development comes weeks after the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) designated Cambodia-based HuiOne Group as a "primary money laundering concern" in a bid to limit its access to the U.S. financial system. "These platforms also provide a window onto a China-based underground banking system, based around stablecoins and other digital payments, which is being leveraged for money laundering on a significant scale," Elliptic said. Found this article interesting? Follow us on Twitter  and LinkedIn to read more exclusive content we post. SHARE    