As a researcher with extensive experience in the cryptocurrency industry and a deep understanding of the intricacies of digital asset exchanges, I find the recent turn of events at WazirX to be both puzzling and disheartening. The sudden removal of the live townhall video, which initially promised 100% profit sharing from any future crypto price appreciation with users, raises serious questions about transparency and trust in the management.
In an unexpected twist, a live townhall video hosted by WazirX on YouTube has been taken down. The video featured their management stating that they intended to distribute 100% of future crypto price appreciation profits among the users. It’s worth noting that earlier, WazirX had made it clear that they would not be distributing any past profits to affected users.
On Friday at approximately 1:30 pm IST, a one-hour townhall meeting was streamed live on YouTube featuring Nischal Shetty, co-founder, and George Gwee, director of Kroll (the legal firm overseeing WazirX’s restructuring following the Rs 2000 crore hack). During this session, they responded to questions from affected users. At one point, a user asked about the profit sharing percentage if cryptocurrency prices increase during the restructuring period, and Gwee provided an answer.
In a video viewed by The Crypto Times, Gwee announced that all profits generated from crypto price increases during the restructuring phase would go entirely to users. However, oddly, after WazirX users praised co-founder Nischal Shetty for this brave decision, the live video was made private by WazirX’s management. This has left WazirX users feeling disappointed due to the unclear actions of the management, who have pledged fairness in front of a Singapore court that recently granted them a four-month moratorium.
WazirX walo kar lo ab video private.
— Justice for WazirX Users (@IndiasCrypto) October 4, 2024
Previously, during a townhall meeting on YouTube, the management of WazirX announced that they will not distribute past profits from their cryptocurrency exchange to users in the upcoming restructuring plan. In this same gathering, they outlined the restructuring process and specified that the “assets” of Zettai Pte Ltd (WazirX’s parent company) consist of funds remaining on the exchange following a hack, any recovered tokens from the incident, any tokens generated as a result of profit-sharing once the restructuring begins, and any tokens produced through partnerships during the restructuring process. According to WazirX, the total valuation of Zettai’s assets amounts to approximately $301,787,232.
Approximately 3.9 million out of the 4.49 million active users on the WazirX exchange are holding only about 8% of the total funds, which equates to roughly 352 crores INR as per exchange estimates. This information was shared by Nischal Shetty, co-founder of WazirX, during a recent townhall discussion.
As a crypto investor, I’d like to share some insights about the distribution of funds on WazirX. If we evenly distribute the total fund amounting to 8% or approximately Rs 352 crore among the 87% active users, which is about 3.9 million users, each user would receive around Rs 900, equivalent to roughly $10 USD per user. This calculation is a simplified representation of the potential distribution scenario.
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2024-10-04 17:08