Nischal Shetty, the CEO of WazirX, has taken a bold step in addressing the current crisis facing the popular Indian crypto exchange. Following a devastating hacking incident that resulted in the loss of nearly $235 million worth of cryptocurrencies, Shetty has announced the formation of a committee to tackle the situation through collaboration with the community.
In a recent Twitter announcement, Shetty emphasized the need for unity in overcoming this challenge, stating that he could not face it alone. He called upon all members of the WazirX family to join forces and work together towards finding a fair and effective solution to compensate customers and resume normal operations.
The committee of creditors being formed by WazirX will provide a platform for diverse perspectives to be heard, ensuring that all voices within the community are taken into account. This inclusive approach is aimed at creating a solution that benefits everyone affected by the hack.
However, not everyone is convinced of the sincerity of WazirX’s efforts. A Crypto X user, representing WazirX customers, sarcastically commented that while they are invited to join the committee, insiders may still be the ones making all the decisions. This skepticism highlights the need for transparency and accountability in the decision-making process.
The ongoing dispute between WazirX and Binance Exchange over the ownership of WazirX’s crypto business adds another layer of complexity to the situation. Binance has frozen a significant amount of crypto assets belonging to WazirX’s back-end company, Zettai, which could potentially be used to compensate customers. A Crypto X user has urged Binance to distribute these funds directly to WazirX customers through an airdrop.
As the committee of creditors begins its work and efforts continue to find a resolution, it is clear that collaboration and unity will be key in navigating this challenging time for WazirX and its community. By coming together and working towards a common goal, there is hope for a positive outcome that benefits all parties involved.