WazirX’s Mysterious Money Moves: What Are They Hiding? 🤔💰

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Ah, the world of cryptocurrency! A place where fortunes can vanish faster than a magician’s rabbit, and where the only thing more elusive than your funds is a straightforward explanation. Take, for instance, the Bybit hack on February 21, 2025, which saw a staggering $1.5 billion evaporate into thin air. It was like watching a bad magic show, only with less applause and more panic. 🎩✨

While other exchanges were busy reassuring their users that their hard-earned cash was safe and sound, WazirX decided to take a different approach: silence. Yes, you heard that right! They opted for the classic “let’s pretend nothing happened” strategy. And just a day after the hack, they quietly whisked away ₹606 crore from Bybit, as if it were a secret family recipe they didn’t want anyone to know about. 🍲💸

Now, let’s rewind to July 2024, when WazirX had already been caught in a ₹2,000 crore hack. You’d think they’d learn their lesson, right? Wrong! They decided to move another ₹606 crore to Bybit, which, at the time, was about as registered with India’s FIU as a cat is with the local dog park. It was only recently that Bybit got its official stamp of approval. Talk about timing! ⏰🐱

Fast forward to the aftermath of the Bybit hack, and what do we find? WazirX has once again decided that communication is overrated. Users have been left hanging for over seven months, with withdrawals frozen like a popsicle in the Arctic. Meanwhile, millions are waiting for a restructuring scheme to be approved by the court, which is about as likely as finding a unicorn in your backyard. 🦄❄️

Crypto analyst Aditya Singh took to X (formerly Twitter) to voice his concerns, sharing transaction proofs and asking the million-dollar question: “What if Bybit didn’t cover losses?” It’s a fair point, and one that WazirX seems to have ignored, much like a teenager ignoring their parents’ advice. And let’s not forget, when Aditya asked Nischal for a Live Proof of Reserves, he got blocked faster than you can say “cryptocurrency.” 🚫📉

Just In: WazirX had user funds on Bybit Exchange which they withdrew yesterday after the Bybit Hack.

Imagine if Bybit didn’t cover losses, what would have happened?

This is another reason I have been asking Nischal to publish Live POR but Nischal blocked me and till this date…

— Aditya Singh (@CryptooAdy) February 23, 2025

Meanwhile, CoinDCX and CoinSwitch were busy patting themselves on the back, assuring their users they were unaffected by the Bybit debacle. But WazirX? Crickets. 🦗

Bybit, despite being hit harder than a piñata at a kid’s birthday party, managed to restore withdrawals within two days. Their CEO was practically doing a victory dance, while WazirX users were still stuck in limbo, waiting for a miracle that never came. Nischal Shetty, once the loudest voice in the room, has gone as quiet as a mouse in a cat convention. 🐭😼

This isn’t just mismanagement; it’s like watching a train wreck in slow motion. They had the resources to protect their users but chose to ignore them instead. No proof of reserves, no transparency, just a deafening silence that speaks volumes. 📢

If WazirX truly cared about its users, they would have addressed this long ago. But alas, they haven’t. And that silence? It’s the loudest thing in the room. How much longer will users have to wait while WazirX plays the world’s longest game of hide and seek? ⏳🤷‍♂️

In the end, WazirX users find themselves back at square one, just like the day of the hack. No progress, no effort, just a blatant disregard for their customers. Meanwhile, Bybit has been busy picking up the pieces and moving on. It’s a classic tale of two exchanges: one that cares and one that… well, doesn’t. 🤔💔

The burning question remains: Will WazirX ever address its users, or are they just waiting for the storm to pass? Only time will tell, but for now, it seems like they’re more interested in playing the silent game than in providing answers. 🎭

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2025-02-23 19:01