Kristy Tan, a Judicial Commissioner of the Supreme Court of Singapore, has dismissed requests from WazirX users for her to order an investigation into the recent cyber hack that resulted in losses of approximately Rs 2000 crore (approximately $24 million).
During a virtual court hearing on September 26, Tan clarified that she lacked the authority to instruct either the Singapore Police Force or Indian authorities to investigate the incident. Her comments came in response to numerous messages from WazirX users urging her to intervene.
The court transcript, released on October 14, revealed that Tan told WazirX creditors, “The first thing you need to understand is that the Singapore Court does not have the power to order our Singapore Police Force to do anything.” She emphasized that she had no authority to compel either Singaporean or Indian law enforcement to investigate the cyberattack.
While this news disappointed WazirX victims, Tan reiterated that the hearing was solely focused on the moratorium application filed by Zettai Pvt Ltd, the company behind WazirX. The court had already granted a four-month moratorium on September 5 to allow Zettai to restructure its operations.
To assess the moratorium application, the court conducted a survey among WazirX creditors. Out of 4.4 million creditors, 78,011 participated, representing claims totaling $82 million. Of these, 72,120 voted in favor of the moratorium, representing 92.45% of the claims or approximately $64 million. Only 1,491 creditors opposed the moratorium, holding 1.91% of the claims or $203 million.
As the focus now shifts to Zettai’s restructuring plan, some WazirX users remain concerned about the hack and continue to demand an independent investigation to determine its cause.