As a seasoned researcher with extensive experience in investigating financial matters, I find the situation surrounding WazirX exchange and its investors deeply concerning. With over two decades of digging into cases similar to this one, I have seen firsthand the devastating impact fraudulent practices can have on individuals’ lives.
Frustrated by the lack of action from WazirX exchange owners, numerous investors are now contemplating lodging several police reports in India for alleged fraud and betrayal of trust, as they have yet to receive their invested funds.
As reported by investors from the WazirX exchange, who together suffered losses exceeding Rs 2000 crore due to a hack that occurred on July 18, the platform’s administrators have been holding onto their resources since then and have temporarily halted all withdrawal activities.
As a concerned crypto investor, I find myself compelled to take action due to my losses with WazirX. A united front of victims is now preparing to file approximately 200 First Information Reports (FIRs) in various police stations across India. These reports will be directed towards WazirX directors Nischal Shetty and Sameer Mhatre, Binance exchange, and Liminal Custody security firm. We hope that this action will bring us one step closer to justice.
The investors’ grievances allege actions such as deceitful taking of assets, fraud, carelessness, trickery, and violation of trust with criminal intent, which are outlined in several parts of the Indian Penal Code and the IT Act.
From my personal experience as a crypto investor in India, when I encounter any illegal activities, I follow due process by submitting a detailed complaint to my local police station. The authorities then carefully review the information provided, after which they officially register a First Information Report (FIR) against the suspected individuals.
As a researcher, I’m shedding light on an ongoing situation involving the WazirX investor community. @IndiaCrypto, an anonymous voice on Twitter, is leading the charge, expressing the collective worries of these investors. Remarkably, this handle has distributed a draft of a police complaint to the investors via Telegram, offering support and solidarity in their pursuit for justice.
As a long-time cryptocurrency investor with years of experience in this fast-paced and often volatile market, I feel compelled to take action against what appears to be unethical practices by WazirX, Binance, and Liminal Custody. Here’s how you can help:
— Justice for WazirX Users (@IndiasCrypto) August 16, 2024
On Saturday, I participated in a lively discussion on Twitter with fellow investors, exploring potential strategies for our collective future in the realm of space.
What are the grievances of investors in the police complaint copy?
According to the police complaint draft submitted by @indiascrypto, it appears they decided to invest in the WazirX exchange because of its aggressive marketing strategies promising a secure and safe trading experience. The document also mentions that WazirX had previously stated they were acquired by Binance, but there seems to be much ambiguity surrounding the details of this deal from both parties.
The document further indicates that both Liminal Custody and WazirX have engaged in a game of finger-pointing, aiming to pass responsibility for the July 18 hack incident onto each other due to their perceived negligence.
The complaint alleges that WazirX failed to adequately secure user funds and financial data, leading to substantial losses for users. Additionally, it is claimed that WazirX inappropriately halted trading and provided false information about when users could access their deposited funds.
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2024-08-16 12:00