WazirX Reimbursement Delayed as Singapore Court Extends Moratorium Until June 6

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WazirX’s much-anticipated reimbursement plan for users impacted by last year’s July hack has encountered a delay, following a decision by the Singapore High Court. The exchange recently concluded a customer voting process regarding its proposed restructuring scheme. With a majority of creditors reportedly supporting the plan, WazirX approached the court for final approval. However, the court has deferred the case, citing the need for additional documentation from WazirX and its parent company, Zettai.

In a public statement shared on X (formerly Twitter), WazirX addressed the delay, asserting that it remains committed to fulfilling its obligations. The exchange said it is working to implement an “effective scheme” for reimbursement. Despite the update, many users and creditors expressed frustration over the prolonged process, criticizing the lack of clarity and speed in the proceedings.

As part of the court’s latest decision, the legal moratorium protecting WazirX and Zettai from creditor lawsuits has been extended until June 6. This moratorium essentially prevents the filing of any new claims against the companies and gives them more time to complete the legal formalities surrounding the reimbursement framework.

Zettai initially applied for a moratorium in August 2024, shortly after the hack impacted WazirX users. What began as a 30-day relief request has now stretched into nearly a year of legal back-and-forth. With the June 6 hearing now critical for the next steps, all eyes are on whether the court will finally approve the exchange’s plan to compensate its affected user base.

Coinbase Could Owe Up to $400 Million in Customer Reimbursements Following Cyberattack

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Coinbase has confirmed it was the target of a recent cyberattack that compromised user accounts and led to financial losses for some of its customers. The cryptocurrency exchange revealed in a filing with the U.S. Securities and Exchange Commission (SEC) that the company will voluntarily reimburse affected users. Based on a preliminary assessment, Coinbase estimates that the remediation costs could range between $180 million and $400 million. The attack reportedly involved false claims and exploitation of exposed user data.

According to the SEC 8-K filing submitted on May 14, Coinbase clarified that the financial impact remains under review and could vary as additional factors are considered. These factors include potential indemnification claims and any successful recovery efforts. The company emphasized its commitment to strengthening internal safeguards and improving anti-fraud mechanisms to prevent similar breaches in the future. One of the steps being taken is the establishment of a new customer support hub in the United States, alongside other defense enhancements.

Coinbase CEO Brian Armstrong shed more light on the breach, explaining that the attackers managed to bribe offshore support personnel to gain unauthorized access to the personal data of a small fraction of users—reportedly less than one percent. Once in possession of this data, the attackers contacted Coinbase and demanded a ransom of $20 million, threatening to leak the compromised information if the demand was not met. Armstrong has rejected the ransom demand outright, signaling the company’s refusal to engage with cybercriminals.

Instead of yielding to extortion, Armstrong announced the creation of a $20 million reward fund for anyone who can provide verifiable information leading to the identification and capture of the attackers. Coinbase stated in its SEC filing that the threat appeared credible, prompting urgent action to both contain the breach and pursue justice. The incident underscores the increasing sophistication of cyber threats facing digital asset platforms and highlights the importance of robust security measures in the crypto industry.

Urban Genesis Launches Smartwatch in India Featuring 1.45-inch AMOLED and Week-Long Battery Life

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Urban Genesis has officially launched its latest smartwatch in India, featuring a vibrant 1.45-inch circular AMOLED display that offers always-on support for quick glances at notifications. The device boasts a sturdy metal chassis paired with a stainless steel block strap, providing a premium look and feel. Designed with user convenience in mind, the watch includes two functional buttons, including a rotating crown for easy navigation. It is built to withstand everyday challenges, carrying an IP67 rating for dust and water resistance, making it suitable for various environments.

Priced competitively at Rs. 3,999, the Urban Genesis smartwatch is now available for purchase across multiple platforms, including the official e-store, Amazon, Flipkart, and select offline retailers throughout India. This widespread availability ensures that users from different regions can easily access the device. The smartwatch promises a battery life of up to seven days on a single charge, which is ideal for users who prefer longer usage without frequent recharging.

On the connectivity front, the Urban Genesis supports Bluetooth 5.3 and is compatible with both iOS and Android devices. Users can receive Bluetooth calls directly on the watch, enhancing hands-free communication. It offers a range of preset workout modes such as walking, running, cycling, and skipping to cater to fitness enthusiasts. To personalize the experience, the smartwatch comes with over 100 watch faces. It also integrates AI voice assistants like Google Assistant and Siri, enabling smart control and voice commands for paired devices.

Health and wellness features are a key highlight of the Urban Genesis smartwatch. It monitors vital signs including heart rate, blood oxygen saturation (SpO2), blood pressure, and sleep quality. The device also helps users manage stress with dedicated tracking and a ‘Breathe’ mode designed to regulate breathing. Additionally, the smartwatch provides hydration reminders to encourage users to maintain optimal fluid intake throughout the day, supporting overall well-being.