As an experienced analyst with a keen eye for detail and a knack for navigating complex situations, I find myself deeply concerned by the recent developments at WazirX. The hack that took place on July 18th has left users in a state of uncertainty, and the prolonged suspension of withdrawal services only adds to their frustration.
In an unexpected turn of events that escalated the ongoing debate regarding the WazirX hack, Nischal Shetty – head of a well-known Indian cryptocurrency platform – has muted or blocked users on various social media outlets who raised doubts about his management of the situation.
On July 18th, a security breach took place, leading to a monetary loss exceeding $234 million (equivalent to approximately Rs 2000 Cr). This event has left users feeling upset and worried due to the ongoing suspension of withdrawal services. After nearly a month’s delay, a plan was proposed that brought little comfort to the users as it only allows for Indian Rupee (INR) withdrawals, with 66% being disbursed in stages, despite no INR funds being affected during the hack. However, there is one positive aspect: the fee for these transactions will be reduced from Rs25 to Rs10.
Amidst confusion over the current situation where crypto withdrawals remain unavailable, Nischal has opted for an extreme step: blocking all contacts on social media platform X. Including us in that blocklist as well.
The publication, The Crypto Times, has been diligently trying to find solutions concerning the current problems that surround WazirX, a well-known cryptocurrency trading platform that was previously celebrated as an essential part of India’s crypto community, yet has found itself embroiled in debate.
Recently, Shetty expressed in an interview that he prefers feedback rather than advice. He told Sandep, “You’re giving me a lot of advice… Don’t give advice… Provide feedback instead… I don’t need advice.”
Moreover, The Crypto Times isn’t the only one experiencing this situation. Other crypto influencers, analysts, and ex-WazirX users have also reported being blocked by Shetty following their queries or criticism. This widespread suppression has stirred up more support among those affected, creating a wave of solidarity in response.
Although it’s clear that Nischal is navigating a blazing vessel and external criticism may be painful, our aim isn’t to make it sink, but to rescue it. Shutting down all voices isn’t the answer.
As an analyst at CryptoTimes, I value our user community and understand the need for open dialogue. Blocking us on social media won’t deter us from asking questions or seeking clarification. Our commitment to you remains unwavering.
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2024-08-25 01:57