As a researcher with extensive experience in the digital economy and cryptocurrency sector, I find myself deeply concerned about the ongoing saga between Binance and WazirX, particularly regarding the plight of over 4.4 million affected Indian users. The Diwali greetings from CZ were warm and well-intentioned, but they cannot help erase the growing frustration among the user community who are still waiting for their funds to be restored.
On Thursday, founder and former CEO of Binance, Changpeng Zhao (CZ), extended Diwali greetings via a post on X. Yet, some users impacted by the ongoing dispute between Binance and Nischal Shetty’s Zettai over ownership of WazirX crypto exchange, asked CZ to address the legal conflict as well.
Sending festive greetings to Indians, CZ wrote on X,” May this Diwali dispel darkness and bring forth the light of knowledge. I wish everyone a joyous festival of lights that illuminates hearts with happiness, peace, and harmony.”
Following CZ’s original post, numerous users attempted to get his notice about the frozen funds of approximately 4.4 million users on the WazirX exchange, a situation that had arisen after the Rs 2000 crore hack. Some users even proposed that CZ consider Binance assuming control over WazirX as a solution for the persistent funding predicament.
On July 18, the WazirX digital currency exchange was targeted by a cyberattack, leading to an estimated loss of approximately 20,000 crore rupees in cryptocurrency funds belonging to users. Since the attack, the exchange leadership has disclosed that they have been embroiled in a legal dispute with Binance, where neither party wishes to assume control over WazirX exchange. It’s important to note that Nischal Shetty, co-founder of WazirX, had previously declared that Binance had acquired the exchange in 2019; however, the transaction turned sour, and since 2023, the exchange, in essence, has been without ownership.
It’s important to mention that these specific details became private following the lawsuit initiated by other exchanges against WazirX’s parent company, Zettai Pte Ltd, which occurred after the hack.
User Amol Jagde encouraged Indian cryptocurrency influencers who attended the Blockchain event in Dubai to encourage CZ (Changpeng Zhao) to voice his opinions on the matter at hand.
At the gathering, both Indian opinion shapers and business titans were in attendance.
Did they touch upon the #WazirX hack with @cz_binance during their discussion? 🤔
No
Here’s how I calculate it:
wazirx hack = views/press coverage (PR)
wazirx solution – views/press coverage (PR)Carry on, keep going, we can’t ask Binance any questions 🤑💰
— A͛mol🗿 (@AmolJagde) November 1, 2024
Since the $2000 million hacking incident, tensions have escalated between WazirX and Binance as both parties have exchanged criticisms and Binance has shown no inclination to assume responsibility for user funds. It remains uncertain if CZ (Binance’s CEO) would be open to navigating these troubled waters in an attempt to aid the Indian creditors of WazirX.
Read More
Sorry. No data so far.
2024-11-01 14:12