BTC Clocks $100K: WazirX Users Ask Where is our Money?

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As a researcher who has witnessed numerous ups and downs in the crypto market, I can empathize with the frustration of WazirX users whose funds have been locked for months while Bitcoin soars to new heights. The situation reminds me of a friend who missed out on a fortune during the dot-com boom because his broker’s computer system was down for repairs.

At long last, Bitcoin has reached the significant level of $100,000 – a landmark achievement that cryptocurrency enthusiasts have eagerly anticipated. This is an exciting moment for those who invested in crypto and stayed resilient during its various fluctuations.

However, many WazirX users are finding this milestone less celebratory than anticipated. Instead, they’re expressing concern with questions like, “When will we get our funds back?” Their assets have been inaccessible for months now, and as the market flourishes, they find themselves excluded from cashing in on the surge.

WazirX Hack: Funds Suspended for Over Four Months 

Over four months have passed since WazirX suffered a significant security incident, leaving numerous account holders unable to retrieve their assets. Unfortunately, during this timeframe, Bitcoin hit record-breaking prices – an event that was anticipated to propel many investors’ portfolios. However, access issues have prevented this from happening for some users.

Rather than rejoicing in profits, I find myself dismayed, pondering over why my funds remain immobilized.

One user tweeted, “Bitcoin is over $100K, and your #WazirX portfolio could’ve grown by now. But @WazirXIndia won’t release the funds. PLEASE RELEASE THEM NOW!”

A different user expressed their frustration more explicitly by alleging that the WazirX team, led by Nischal Shetty, is exploiting the situation for financial gain through users’ funds during the bull market. They suggested that once the market stabilizes, they will return the portfolios but without the earnings made from the run.

Initially, there were just a few complaints, but now it’s more like a cacophony of voices. As users’ assets continue to be locked, it seems as though WazirX might be keeping them for some purpose—maybe to capitalize on the ongoing market surge. Some users are even speculating that WazirX could be using their funds to gain from Bitcoin’s growth and then returning their portfolios with reduced profits later.

In crypto, timing is everything. Bitcoin’s rise to $100K could’ve been a huge opportunity for those with frozen funds. But instead, those users are stuck watching the price climb without being able to take advantage of it. Every day this drags on, the frustration only grows.

A user of X, showing frustration, asked Nischal, “Why does the market drop before February? Who’s accountable for the resulting losses?

In simpler terms, WazirX exchange officials announced on Thursday that they plan to ask a Singapore court for permission to gather creditors (users) and present their proposed solution called a “Scheme of Arrangement” for a vote. Essentially, the officials will be presenting their proposed compensation plan to users for approval.

The main concern at present is straightforward: When does WazirX plan to unlock the restricted funds? Will they persist in using “security reasons” as a cover, or will they take the ethical approach and grant users access to their funds? With each passing day, user frustration grows, and WazirX’s window to address this issue is narrowing.

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2024-12-05 11:33