As a researcher with extensive experience in the cryptocurrency market, I find myself deeply disturbed by the ongoing WazirX hack controversy. The emotional distress of investors and the dire consequences they are facing is heart-wrenching. I have seen many ups and downs in this volatile market, but never have I come across a situation as grim as this.
The ongoing dispute over the WazirX hack shows no signs of resolution, with numerous investors continuing to protest for nearly a month now, urgently calling for the return of their frozen funds, which they lost during the hack on July 18.
Following nearly a month-long wait, the investors of WazirX are now expressing severe discontent and even hinting at drastic measures if their requests aren’t addressed. Once more, social media platforms such as ‘X’ are being inundated with videos and audio messages from WazirX investors, sharing their struggles.
On Tuesday evening, a user identified as @indiascrypto, who has been leading the charge for WazirX investors, posted an alarming claim. This individual alleged that someone is contemplating suicide due to their funds being frozen on WazirX. Since the July 18 hack which led to a loss of 45% of investor funds, WazirX has restricted access to the remaining capital and halted all services such as withdrawals.
🚨 I’m at my wit’s end here! Listening to this audio is like a punch in the gut. #WazirX, we desperately need our withdrawals processed. #JusticeforWazirXUsers
— Justice for WazirX Users (@IndiasCrypto) August 20, 2024
In the audio file posted on ‘X’, a person who invested in WazirX is overheard expressing despair and stating that he may take his own life if his approximately $6000 worth of funds are not restored to him. This individual sets a deadline of 10 days for WazirX to enable withdrawals.
At The Crypto Times, we strongly discourage any actions or verbal threats of self-injury. In difficult moments, we encourage those affected to reach out for professional counseling and emotional support. For users based in India, immediate help can be found on this resourceful website.
A resident of Mizoram, India who uses WazirX, expressed distress in a video, explaining that he was forced to sell his motorbike to cover his medical expenses because he had previously lost his savings on the exchange.
“If you’re watching this, Nischal, it’s been more than three weeks since we’ve been waiting. It seems clear that you understand your users are experiencing a financial hardship. In an effort to cover my own medical expenses, I had to sell my car, and now I may be forced to sell my parents’ property,” expressed the concerned investor in the video.
We need withdrawals#WazirX #JusticeforWazirXUsers
— Justice for WazirX Users (@IndiasCrypto) August 21, 2024
Previously, The Crypto Times detailed the financial and health struggles faced by WazirX investors, with one such investor – a 64-year-old individual – being hospitalized in the ICU of a New Delhi hospital due to his Rs 60 lakh investment being frozen on the exchange.
Blame Game Continues; No Respite in Sight
Despite thousands of investors urgently calling for the removal of their funds from WazirX, the exchange shows no signs of letting up.
On Monday, WazirX attributed the security breach of their multi-signature wallet directly to their former partner in security, Liminal Custody. This incident led to the loss of investor funds. However, Liminal Custody has denied these accusations and proposed a neutral, unbiased external forensic audit of their systems.
Additionally, Nischal Shetty, co-founder of WazirX, expressed an unusual remark on ‘X’ platform, questioning investors and significant figures in cryptocurrency as to why they didn’t warn him earlier about the risks of keeping 45% in a single wallet. WazirX has rebalanced their customers’ accounts but no details have been provided about when the withdrawal process will begin.
Conclusion
Despite these equations being established, concerned investors of WazirX are growing increasingly worried, but at present, there appears to be no immediate solution in sight. Given that the Reserve Bank of India hasn’t yet regulated cryptocurrencies, the significant hack of approximately Rs 2000 crores on WazirX has predominantly been sidestepped by Indian politicians and authorities up until now. However, the question lingers: For how much longer?
Read More
Sorry. No data so far.
2024-08-21 11:00