In the midst of a grand voting spectacle, where the fate of millions of WazirX users’ fortunes hangs in the balance, the illustrious founder, Nischal Shetty, took to the stage on Thursday to unveil a dazzling figure: $478.5 million in “liquid assets.” A move so bold, one might suspect it was crafted to charm the very voters deciding his empire’s destiny. 🎭
WazirX, the cryptocurrency exchange of the hour, is currently hosting a voting extravaganza from March 19-28 for its 4.4 million Indian users. The stakes? A restructuring scheme that promises to return 85% of portfolio funds to each user within 1-2 months—provided, of course, that at least 75% of the voters give their nod of approval. 🗳️
Journey to build value and transparency for our tribe has begun 🙏❤️
👉 Completed independent third-party verification of assets and liabilities
👉 $478.5M in net liquid assets confirmed by Alvarez & Marsal as of Jan 17, 2025
👉 Verification also covered illiquid assets like…
— Nischal (Shardeum) 🔼 (@NischalShetty) March 20, 2025
While the voting circus continues, Shetty, ever the showman, took to X to announce that a third-party audit had confirmed the existence of $478.5 million in net liquid assets. A tweet so timely, one might wonder if it was less about transparency and more about swaying the audience. 🎪
Under the watchful eye of the Singapore High Court, WazirX, with its legal partner Kroll Information Services, is orchestrating this voting process. This follows a Rs 2000 crore ($234.9 million) hack in 2024 that left users’ funds frozen and trading suspended. For ten long months, users have been waiting for their funds, which total over $500 million. 🕰️
Zettai Pte. Ltd., the proud owner of WazirX, has completed an independent verification of its assets and liabilities, a move it claims is all about financial stability and transparency. How noble! 🏛️
📢 Independent Asset & Liability Verification Completed
As part of our commitment to transparency, an independent verification of platform assets and liabilities has been completed by the Independent Assessors (IA) Joshua Taylor and Henry Anthony Chambers.
The assessment,…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) March 20, 2025
The verification was carried out by Joshua Taylor and Henry Anthony Chambers, two independent experts from Alvarez & Marsal, who were appointed by the court in January 2025. Their mission? To delve into WazirX’s platform assets, from liquid funds held with BitGo to holdings across four major crypto exchanges and even the contents of nine cold wallet addresses. By January 17, 2025, they had determined the total value to be $478.5 million. 🕵️♂️
While WazirX is free to boast about its liquid and illiquid assets, the timing of this announcement is, shall we say, rather convenient, given that the voting is still underway. 🎰
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2025-03-21 10:29