Nischal Shetty clarified that the WazirX team never tried to hide anything related to customers’ money management, Instead, the market’s bull run supported the situation to make the valuation of holding funds up.
WazirX, a popular Indian crypto exchange that faced a hacking incident 4 months ago & lost nearly 50% of its customer’s funds, is currently under the restructuring path. To compensate the customers they’re working on a new Defi exchange & new token launch to increase the company’s revenue. So far, no progress regarding their restructuring process has come to the public domain.
On 24 Nov 2024, the WazirX team responded against the allegations of fund mismanagement. Nischal Shetty, the CEO & co-founder of WazirX exchange, explained the real story behind the fund management with a very basic concept of price fluctuations.
He explained the value of the holding crypto assets was maintained, despite the hacking incident, because of the increment in the trade price of the remaining assets.
2. Hack: 1 ETH stolen. 3. Later: BTC price rises to $150. 4. Portfolio value = $150 again, so each user still gets $30.
— Bitcoinik (@Bitcoinikdotcom) November 24, 2024
Many Crypto X users noted that the WazirX team only explained the increased value of crypto assets but they failed to respond to the questions related to the real concerns about which the Wazirx customers asked. For example, many WazirX customers ask why the WazirX exchange is not giving customers cryptocurrencies, instead giving equivalent stablecoin, which ultimately turns the actual compensation amount to 20 to 25%, from the planned 50% compensation.
A popular Indian crypto influencer, Pushpendra Singh, urged the WazirX leadership to return customers all crypto assets but at the current trade price, which is almost double.
In short, this influencer asked WazirX to give 50% of the funds back but in crypto assets. Singh also said that a delay in the fund release process is only going to hurt the WazirX customers, as people will fail to sell their assets in this bull phase.
Hi @WazirXIndia, we want our crypto back 100% at the current market price.Please refund, everyone is waiting.We are missing bull market. Really we all crying please listen to our voice. – Wazirx victims
— Pushpendra Singh (@pushpendrakum) November 24, 2024
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