“As a long-time user of WazirX, I find myself echoing the sentiments of Ameer Qazalbaksh’s verse – my city, their complaint, their judge indeed! The past few months have been a rollercoaster ride for us users, with one unexpected twist after another.
In his own city, it was his dispute, and him who would be the judge. I was confident that I would be found guilty.
These timeless verses by Ameer Qazalbaksh resonate deeply with the authentic feelings shared by countless WazirX users in India, as they find themselves compelled to move in step with the rhythm set by the exchange administration.
On Thursday, September 12, the management of WazirX made available “No” and “No Position” voting options for their users, allowing them to express their stance on the moratorium application currently being considered by the Singapore High Court.
Over the last month, disgruntled WazirX users have voiced their frustrations about an unusual demand made by the management. They are appealing to the platform community for assistance in submitting a moratorium request to be accepted by the Singapore court. Notably, the only choice given in the poll is to vote ‘Yes’.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) September 12, 2024
This decision is made following strong criticism from users who felt that not having a “No” option restricts their ability to voice their opinions about the application for a moratorium filed in Singapore. If granted by the judge in the Singapore High Court, this moratorium application would provide WazirX and its parent company Zettai Pte Ltd with immunity from any legal action for a period of six months.
Over the next six months, the management plans to implement a “restructuring plan” aimed at compensating its 4.4 million affected users following the Rs 2000 crore cyber heist on WazirX on July 18th. The platform’s co-founder, Nischal Shetty, has confirmed in an affidavit that a “fair and equitable” loss distribution model will be applied. According to legal experts from WazirX, users may face a minimum of 43% reduction in their funds after the implementation of this plan.
Nevertheless, numerous users continue to express doubts regarding how the situation is being managed, particularly given the ongoing disagreement over ownership between WazirX and Binance.
Conclusion
Users felt even more aggravated when they saw there was no “No” option in the first survey, and some began questioning the authenticity of the management’s storyline since it didn’t seem to align well with the overall user feelings. It’s quite ironic that WazirX waited a whole month before introducing a more transparent polling method in their procedures.
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2024-09-12 13:08