It has brought nightmares to almost every user of the WazirX information
exchange due to the losses they have incurred. In the course of the legal processes, issues related to losses and restructuring have emerged as critical issues.
In the midst of this, CoinDCX’s CEO, Sumit Gupta, has stepped up to offer support and a potential solution to help affected users.
Here are the details.
A Message of Empathy and Support
On Twitter, Gupta expressed his understanding of the struggles WazirX users are facing. He, along with CoinDCX Co-Founder Neeraj Khandelwal, showed their support and offered to explore ways to compensate for the losses users have suffered.
CoinDCX’s Potential Plan to Help Users
Gupta explained that CoinDCX has been considering ways to recover users’ funds, including possibly purchasing WazirX to lead this process. However, he mentioned that ongoing legal issues in Singapore are preventing them from acting directly.
‘The matter is still pending in court and it has not produced a clear ruling yet,’ Gupta said.
Restoring Trust in the Crypto Space
As usual, Gupta stressed that one negative incident should not be used to discredit the entire Indian crypto space. In his message to the users, his seven-plus years of experience dealing with Web3 made him promise to restore trust in the crypto market which has left countless users grappling with financial losses and uncertainty post such hacks.
As legal proceedings continue, the main focus remains on recovering funds and holding those responsible accountable. With Gupta’s commitment to helping users, there is hope that solutions may soon be found.
Despite these challenges, Gupta remained determined. He shared that, if the WazirX team reaches out and with the court and creditor approvals, CoinDCX is ready to invest its own funds to help recover the losses.
The question remains—can trust in India’s crypto space be restored, or will the scars of this crisis last forever? Let’s wait and see.