The Indian crypto community is in an uproar as criticism and backlash against WazirX co-founder Nischal Shetty have reached a new peak. The popular Indian crypto exchange, WazirX, faced a major hack two months ago, resulting in the loss of $235 million worth of cryptocurrencies from the exchange’s cold wallet. Despite being based in Singapore, WazirX has a significant presence in India and is now struggling to recover from the hack.
In response to the hack, Indian crypto influencers are calling for a boycott of Nischal Shetty and his affiliated projects, including Pi42 crypto exchange and Shardeum. Shetty, who is the CEO of WazirX and co-founder of Pi42, has been promoting Shardeum, a Proof-of-Stake blockchain network, for the past few years.
In a recent development, WazirX announced that it has secured approval for a moratorium application in the Singapore court. This move is aimed at protecting the WazirX executive team from legal challenges and giving them more time to restructure the platform. The approval of the moratorium is seen as crucial for the survival of the exchange amidst mounting pressures from customers and ongoing investigations into the hack.
Meanwhile, the controversy surrounding Binance’s involvement in WazirX’s ownership continues to unfold. Binance has distanced itself from the exchange, but many customers believe that there are unresolved issues regarding the true ownership of WazirX. With investigations ongoing and a possible boycott of Shetty-backed projects looming, the future of WazirX and its affiliated projects remains uncertain.
The Indian crypto community is closely watching the developments surrounding WazirX and Nischal Shetty, as the repercussions of the hack and the ownership controversy continue to reverberate throughout the industry. Only time will tell how these events will shape the future of WazirX and its place in the crypto space.
In related news, Telegram Crypto Wallet has suspended its in-app wallet function for UK residents as it awaits registration with the FCA body. This move highlights the increasing regulatory scrutiny facing the crypto industry worldwide.