People noted that Coinswitch’s move against WazirX has nothing to do with WazirX customers; instead, they care about the funds they were holding on the WazirX exchange.
As we already reported, the popular Indian crypto exchange WazirX was hacked two months ago. Indeed, one of the cold crypto wallets was compromised, and the exchange lost $235 million worth of cryptocurrencies. Yesterday, we reported that another Indian crypto exchange, Coinswitch, which was holding some funds on the WazirX platform, filed an affidavit against WazirX in a court in Singapore.
https://t.co/TBmi0PTHcl#Coinswitch Files Affidavit Against #WazirX, Claims Concealment of Misconduct and Potentially Fraudulent Expenditures
— Bitcoinik (@Bitcoinikdotcom) September 24, 2024
A Crypto X account dedicated to representing the WazirX customers affected by the hacking incident noted that Coinswitch’s affidavit against WazirX has nothing to do with WazirX customers. In short, Coinswitch urged the Singapore court to help withdraw money for the Coinswitch exchange and to take action as they see fit regarding WazirX customers.
I really appreciate what @CoinSwitch is doing, but it feels like they're more focused on their ₹73 crore than actually standing up for the victims of #WazirX. It's like they're telling the Singapore court, "Do whatever you want with the users, just leave us out of this… pic.twitter.com/kPnrvF9Gbx
— Justice for WazirX Users (@IndiasCrypto) September 24, 2024
So, we can say that almost every big player is acting in their interest, without considering WazirX customers, which is a significant concern for the Indian crypto space.
Under the current scenario, people are comparing WazirX CEO Nischal Shetty with infamous crypto entrepreneur SBF, who is currently in jail for the next 20 years for defrauding FTX exchange customers.
Now people believe that Nischal will also be arrested when he enters the jurisdiction of India.
I think Mr. Nischal will be arrested as soon as he arrives in India.
— Justice for WazirX Users (@IndiasCrypto) September 24, 2024
Some crypto influencers noted that WazirX’s CEO is ruining his reputation in the Indian crypto space due to bad leadership. People observed that his advisors were not giving him better advice in this situation. At this point, Nischal should make decisions in favour of WazirX customers, to save both the customers and the reputation of his crypto empire.
🚨 Mr.Nischal is surrounded by bad company, friends and lawyers giving him the worst advice 💼🤦♂️He needs to switch sides and support the #WazirX users before it’s too late ⏳If not, his name could go down in crypto history as one of the biggest scammers of all time 👎
— Justice for WazirX Users (@IndiasCrypto) September 24, 2024
Read also: Crypto Influencer Accuses WazirX CEO of Lying About Hack, Compares Him to Notorious FTX Founder SBF
