As a long-time crypto investor who has seen my fair share of ups and downs in this wild world of digital assets, I can’t help but feel a deep sense of dismay and frustration upon hearing about the ongoing plight of WazirX investors. Having invested a significant portion of my hard-earned savings into various cryptocurrencies on this exchange, I too find myself in limbo, uncertain about the fate of my investments.
A growing number of people, including cryptocurrency experts, affected investors, and internet users, are urging the WazirX cryptocurrency exchange to enable account holders to withdraw their assets, following a major Indian crypto heist that led to the loss of over Rs 2000 crore worth of investor funds.
After suffering a cyber attack on July 18 that resulted in a loss of approximately $230 million in various cryptocurrencies, WazirX has temporarily halted all operations and secured 55% of the unaffected customer funds. Despite three weeks having passed since the hack and the subsequent fund lockdown, WazirX has yet to provide a satisfactory solution for their customers regarding this matter.
Last Friday, a number of key figures within the cryptocurrency community voiced their criticism on various social media platforms regarding WazirX’s lack of action following the hacking incident, insisting that they immediately return 55% of the invested funds to the affected investors.
As a seasoned cryptocurrency investor with several years of experience under my belt, I find it quite troubling that Wazirx has yet to provide transparency details regarding the hack that occurred 24 days ago. In any financial transaction or investment, it is crucial for all parties involved to have clear and concise information about the funds in question.
— Aditya Singh (@CryptooAdy) August 9, 2024
Multiple social media personalities have paid attention to the distressed WazirX hack victims who have been uncertain about their losses and potential recovery options for the last three weeks.
As a long-time investor who has faced similar situations before, I can empathize deeply with the distress of WazirX investors. Having had my own fair share of losses, I know how agonizing it is to see hard-earned money tied up and unreachable for an extended period. It’s been over 20 days since the issue started, and I believe it’s high time that WazirX addresses this pressing concern by releasing the remaining funds immediately. The situation is heart-wrenching, and every day that passes makes things only worse for those affected.
— Pankaj Tanwar (@pankjtanwar) August 10, 2024
Various WazirX investors have shared their distressing stories on social media following the hacking incident, which led to nearly half of their investment funds being stolen from the platform. A user called Ajay Chaudhary uploaded a video featuring his elderly father, 64 years old, who was hospitalized in the Intensive Care Unit due to stress after he reportedly invested approximately 60 lakhs in the exchange.
Since then, the video has spread rapidly, causing a wave among users who are urging WazirX to promptly make available the 55% of customer funds that were untouched by the hack.
🚨 Urgent message from your tribe, Mr. Nischal Shetty. This is being shared on BuddhaSource, Shardeum, CryptooAdy, pushpendrakum, simplykashif, Crypto_Jargon, cryptoamanclub. It’s also for the WazirX Users community and VJ_CryptoTimes. #JusticeForWazirXUsers
— Justice for WazirX Users (@IndiasCrypto) August 9, 2024
WazirX Investors want Dubai Police intervention
As a crypto investor, I’ve been following discussions among fellow WazirX investors who are urging us to reach out to authorities in Dubai for a potential criminal investigation against WazirX and its co-founders, Nischal Shetty and Siddharth Menon. Interestingly, these two key figures have relocated to Dubai with their families last year. Yet, they continue to maintain Mumbai as one of the operational hubs for their business. This intriguing situation is highlighted in a Forbes India article.
As a researcher, I’d rephrase the statement as follows: If you, being a WazirX India user residing in Dubai, encounter any issues with WazirX or its CEO Nischal Shetty, you can promptly file a legal complaint. The Dubai government will swiftly intervene to recover your funds, given their straightforward legal system. #WazirXIndia #WazirXHack
— SAHIL KHAR (@SahilKhar) August 8, 2024
Investors of the Indian cryptocurrency exchange, WazirX, are concerned because its co-founders reside outside the reach of Indian legal authorities. This worry deepens as they contemplate the possibility of not being able to recover their invested funds. Already, a petition has been submitted to the National Company Law Tribunal (NCLT) in India, and more investors plan to file lawsuits against the exchange owners in higher Indian courts.
Should a WazirX user reside in Dubai, they can promptly submit a legal complaint against WazirX to the Dubai government. The authorities will respond swiftly, and if necessary, WazirX and their team will be compelled to disburse all funds immediately. #JusticeForWazirXUsers @cryptoamanclub @CryptooAdy @CryptooIndia
— Udit Uday Aggarwal (@udituday11) August 8, 2024
Up until now, WazirX asserts they’ll reinstate the portfolios of every user and invalidate any trades executed on their platform following the July 18 hack. Yet, they haven’t given any precise details regarding when investors can retrieve their funds or the proportion in which they’ll be returned.
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2024-08-10 08:20