As a seasoned researcher with years of experience in the digital finance sector, I’ve seen my fair share of twists and turns. The recent turn of events involving WazirX, Pi42, and Liminal Custody has left me scratching my head in disbelief.
Following the Rs 2000 crore hack of the WazirX crypto exchange, Pi42’s co-founder Avinash Shekhar asserted on Tuesday that their platform is comparatively “more secure” than WazirX. Yet, investors have reminded us that both platforms share a common co-founder, Nischal Shetty.
During an “Ask Me Anything” event held on ‘X’ (previously Twitter) last Tuesday evening, co-founder of Pi42 exchange, Avinash Shekhar, addressed concerns from dissatisfied investors of WazirX exchange. Their funds have been in a state of stasis due to WazirX halting all withdrawals after suffering a hack, leading to the current predicament.
In response to the query about whether Pi42 exchange is more secure than WazirX, Shekhar stated, “These two companies operate independently, and our platform doesn’t handle cryptocurrencies. Instead, we hold Indian Rupees (INR) from our customers, keeping them in Indian bank accounts. Since we don’t store any crypto assets, our security measures make us less vulnerable to hacking compared to other crypto exchanges in India.”
Yet, it wasn’t missed by disgruntled investors of WazirX that the co-founder Nischal Shetty oversees two exchanges with seemingly contradictory policies. They also pondered how one cryptocurrency exchange could boast about being “safer” than the other when they share the same co-founder.
🚨 Pi42 claims that they are more secure than WazirX. That’s laughable!
The same founder, Mr. Nischal Shetty. #FairnessForWazirXUsers @Pi42Exchange
— Justice for WazirX Users (@IndiasCrypto) August 13, 2024
The Strange Connection of WazirX, Liminal Custody and Pi42 exchange
In an earlier article by The Crypto Times, it was noted that following the July 18 hack of the WazirX exchange, some affected investors have suggested an unusual link between two Indian cryptocurrency platforms, WazirX and Pi42, and Liminal Custody – a company specializing in digital transaction safety.
Based on accounts from several investors who suffered losses in the WazirX hack, it’s been reported that Mahin Gupta, founder of Liminal Custody, is both an investor and advisor for Pi42 exchange. This exchange is one of the subsidiary projects led by Nischal Shetty, co-founder of WazirX.
After the hack on July 18, I found myself in a situation where I, as a researcher, had to address the issue of the breach in WazirX’s multi-signature wallet, which resulted in the loss of funds. According to their statement, they attributed this incident to Liminal Custody.
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2024-08-13 19:48