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50 days following the theft of over Rs 2000 crores from the WazirX crypto exchange, its unfortunate users have now turned to Indian Prime Minister Narendra Modi for aid, as he currently resides in Singapore where WazirX is involved in a legal dispute regarding a moratorium. Approximately 4 million active Indian users of WazirX anticipate sustaining a loss of at least 43% on their funds after the July 18 cyber attack
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During his two-day trip to Singapore on Wednesday, Prime Minister Modi’s arrival sparked Twitter activity among WazirX users. They expressed their concerns and called for justice after they suffered fund losses following the July 18 hacking incident
As a researcher investigating this matter, I’ve uncovered concerning reports about WazirX allegedly swindling Indian users by withholding their funds, misleadingly branded as “India’s Exchange.” The company is currently entangled in legal proceedings in Singapore
— Saurabh (@Saurabh13K) September 4, 2024
Hello! Greeternment!
Why WazirX Users are Seeking Help from PM Modi who is in Singapore?
In a different yet-based company in Singapore, the legal dispute disputeshearounds on the context, the term “WazirX company Zettai Ltd. Zetta Ptecour parent company “Zettai-basedout of WazirX’ India’s,
On September 3rd, WazirX, represented by Zettai Pte Ltd, submitted a moratorium request to the Singapore High Court. This action temporarily stops all legal proceedings against the exchange’s management, providing them with a six-month period to develop a restructuring strategy for users. As per WazirX’s legal consultants, users may experience a potential 43% reduction in their funds during the overall restructuring process. This news has sparked significant frustration among the user base
In Singapore, a fraudulent act involving Wazirx occurred and approximately 2000 crores of Indian currency was stolen. Prime Minister Modi, could you address the issue regarding Wazirx?
— venumadhav (@maddykovelamudi) September 4, 2024
WazirX Users also demand answers from Binance
With the persistent doubt about who is responsible for the WazirX cyberattack, affected users are now requesting transparency from Binance. The CEO of WazirX, Nischal Shetty, has consistently stated that Binance has recently taken over WazirX, leading to increased calls for a straightforward response from Binance
In simpler terms, the account ‘Justice on X, referred tobed by the account ‘Justice for WazirX Users’ (@indiascrypto), it was pointed out that the founders of WazirX had spoken against Binance a total of 100 times over the past week. They also emphasized their claim as the genuine owners of WazirX
The text could be rephrased as: “Binance should issue a statement to shed light on the ownership of WazirX. If Binance chooses not to respond, it could lend support to WazirX’s assertions.”
Kashif Raza Raza Raza, co-founder of Bitinning, has also criticized Binance for not speaking up on this issue, even after WazirX took Binance to court in their affidavit filed in Singapore. “Binance Binance shedding difficultly silent, as Binance has been quiet–or agreed with- nothing and accepted nothing either.”
It seems that WazirX has filed a legal complaint against Binance in their court documents. However, Binance isn’t refuting nor confirming anything in response. Notably, there are no Indian authorities questioning Binance either
— Kashif Raza (@simplykashif) September 4, 2024
Twitter War Between CZ & Nischal Shetty
2022 saw Binance’s founder, Changpeng Zhao, clarify that Binance doesn’t own any shares in Zanmai Labs, the company behind WazirX. He explained that the purchase agreements for this company hadn’t been finalized yet
CZ is currently serving for month of sentence in jail at Lompoc II in the U.S.
In response, Nischal Shetty started a new discussion on X, stating that Binance took over WazirX. He asserted that Binance holds substantial influence over WazirX’s offerings, encompassing its domain name, AWS infrastructure, all cryptocurrencies, and they reap all the earnings produced by the platform
/ Insights on WazirX and Binance:
— Nischal (Shardeum) 🔼 (@NischalShetty) August 5, 2022
Conclusion
Due to the uncertainty surrounding WazirX, its affected users are now compelled to seek other platforms where they can express their concerns. The possibility of losing up to 43% of their funds has become a source of worry for these users, as the Singapore High Court considers WazirX’s moratorium application
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2024-09-05 11:49