WazirX Keeping People’s Money Hostage in This Bull Run is Criminal

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As a researcher who has dedicated my time to studying and analyzing the cryptocurrency market, I can’t help but feel a deep sense of empathy for the 4.4 million WazirX users who are facing this painful predicament. Having witnessed numerous bull runs and market rallies in the past, I can’t help but imagine the frustration and disappointment these users must be feeling as they watch the market soar while their funds remain locked away.

As crypto investors across the board rejoice in the ongoing market surge, the distress of over 4.4 million WazirX users escalates. Instead of merely losing their funds trapped within the exchange, they are also missing out on profiting from the bull run, thereby magnifying their loss far beyond the reported Rs 2000 crore hack.

Due to the hack on WazirX that occurred on July 18, resulting in a loss of 45% of user funds, the platform’s management temporarily halted trading and secured the remaining 55% of user funds for around four months. They have disclosed their intention to release the trapped funds starting from February 2025.

For WazirX users, it is a double blow of direct financial damage and missed opportunities. At the time of writing, the crypto market is at its peak. At the time of this report being published, Bitcoin was trading at $82,323, Ethereum at $3,143, Solana at $207.86, and Dogecoin at $0.2899 In the last seven days, BTC has surged by 17.48%, ETH by 27.10%, SOL by 28%, and DOGE by 85%. Moreover, some other altcoins are up by almost 100 to 200%. 

The halt of withdrawals at the exchange has essentially barred users from reaching their investments, denying them access to their digital currencies during a period deemed significant by many financial analysts in the cryptocurrency industry. With Bitcoin and other prominent cryptocurrencies demonstrating robust growth, WazirX users find themselves unable to participate as they witness potential profits evaporate.

During the WazirX hack, Bitcoin’s value was around $63,000, while its current price stands at $82,000. This means that if you had held onto your Bitcoins during this period, you would have missed out on an approximate increase of 28.57%.

The Pain of WazirX Users in Missing Bull Run

The pain of WazirX users who lost their money is far beyond what anyone can comprehend. A user named Amita Bairathi, who just became a mother, appeals to the exchange: “WazirXCare, hi wazirx! My money has been blocked in the account for more than a year now. When are you going to fix it? I’m a new mom and invested that money to be able to utilize it for such times only. Can you help?” 

Likewise, numerous other users turned to X and various other social networking platforms to voice their discontent about not being part of the bull run.

The bull run is here, and $BTC hits $82,000, but it’s been 4 months since the #WazirX SCAM and many 🇮🇳Indian users are still watching helplessly as prices soar !

— Ajay Kashyap (@EverythingAjay) November 11, 2024

Rebalancing calculator or a Scam?

Noted cryptocurrency influencer Ajay Kashyap has disclosed that over 100 individuals have reached out to him alleging they received fewer than 52% of their tokens. Expressing his dismay, Ajay wrote in a post, “I’ve never dealt with a team within the entire #Web3 sector that is as underhanded, negligent, exploitative, and malicious as this one.

I receive approximately 100 messages similar to this from Indian users inquiring about WazirX, and truthfully, we can only pray that they initiate withdrawals soon! They have full control over all user funds, and as of now, @WazirXIndia has suspended comments. Moreover, their founder, ‘Mr. Confidential’, blocked me 3 months ago.

— Ajay Kashyap (@EverythingAjay) November 11, 2024

Bhupesh, a user, visited X and shared his concern about WazirXIndia allegedly committing a significant fraud. He mentioned that in the rebalancing calculator, his Dogecoin balance initially showed as 600 but has been reduced to 450 despite market fluctuations moving upward. Another user echoed similar concerns, stating that while he previously held 9839 Dogecoins, he is now only receiving 3400 coins, implying a reduction of approximately 66%.

Final Thoughts

WazirX’s leadership has stated that they plan to distribute any earnings generated during the ongoing bull run among their 4.4 million users, provided the price of Bitcoin climbs to around $98,280 for this scenario to be profitable. However, it’s important to note that before users can see any profits, they would first need to recover from the initial 45% loss under these conditions. Unfortunately, the hack suffered by WazirX has left a lasting impact on its user base, as their frustration and disappointment persist rather than healing. For the millions of affected individuals, this situation signifies more than just a temporary hurdle; it represents potential substantial financial losses, as they continue to be sidelined from participating in one of the most exciting crypto market surges in recent memory.

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2024-11-11 16:36