Nischal Shetty has announced the formation of a committee to address the current situation through collaboration with the community. Nischal emphasised that he could not face this challenge alone and called for unity.

WazirX, a popular Indian crypto exchange, collapsed following a hacking incident in which the exchange lost nearly $235 million worth of cryptocurrencies. Despite 2.5 months passing, WazirX’s leadership has yet to reach a perfect solution to compensate customers and resume normal operations.

On 30 Sep 2024, WazirX CEO Nischal Shetty announced that WazirX is forming a committee of creditors and is inviting community participation. He emphasised the importance of unity and collaboration, stating that diverse perspectives will help create a fair solution for everyone affected. Shetty urged all members of the WazirX family to join in this effort, as working together is key to resolving the situation swiftly and effectively.

We’re putting together a committee of creditors and we need YOU to be a part of it.Our aim is to ensure every voice within the WazirX family is heard, bringing together diverse perspectives to create a solution that benefits us all.We cannot face this challenge alone and we…

— Nischal (Shardeum) 🔼 (@NischalShetty) September 30, 2024

In response, a Crypto X user dedicated to representing WazirX customers after the hack sarcastically commented that while they are invited to join the committee, the insiders will likely be the ones making all the decisions.

Oh, you need ME on the committee? Great, I’ll bring snacks while the insiders make all the decisions! 😄🍿 pic.twitter.com/Mg7uwcjFP4

— Justice for WazirX Users (@IndiasCrypto) September 30, 2024

Yesterday, we reported that WazirX’s CEO shared unnecessary information related to the exchange’s restructuring plan and confirmed that they are still far from any constructive solution.

https://t.co/V23tTt5ZWk#WazirX CEO Urges Users to Disregard Misleading Tweets Amid Leadership’s Ongoing Efforts to Resolve Issues

— Bitcoinik (@Bitcoinikdotcom) September 30, 2024

WazirX vs Binance

As previously reported, WazirX and Binance Exchange have been in dispute over the ownership of WazirX’s crypto business. For some time now, Binance leadership has frozen a large amount of crypto assets belonging to WazirX’s back-end company, Zettai. These frozen funds are reportedly enough to compensate WazirX customers.

Recently, a Crypto X user urged Binance to directly distribute these funds to WazirX customers in the form of an airdrop.

Binance should airdrop 💸 17M directly to #WazirX users if they can confirm these contingent assets belong to users.We don't trust WazirX anymore ❌ pic.twitter.com/H4bSHEGwym

— Justice for WazirX Users (@IndiasCrypto) September 28, 2024

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