The leadership of WazirX, once a popular Indian crypto exchange, is reportedly planning to unveil the exchange’s restructuring plan by November this year. However, criticism has emerged, raising concerns about the delay in presenting the plan.
The exchange’s services have been suspended for the past three months due to a lack of liquidity following a hacking incident that resulted in the loss of $235 million worth of cryptocurrencies. As a result, WazirX has been unable to continue providing crypto trading services.
On October 11, 2024, a Crypto X user representing WazirX customers expressed dissatisfaction with the leadership’s decision to postpone the presentation of the restructuring plan until November. Customers will be required to vote on the plan to restore the exchange to normal operations with the new plan.
This user questioned the reason for the delay and speculated that WazirX may be hiding something from its customers, preventing immediate action. Some customers have expressed concerns that the delay is intentional, accusing the exchange of misusing customer funds. Others have suggested that the exchange is manipulating its customer base by portraying 50% compensation for losses as an achievement.
In addition to customer dissatisfaction, there have been lawsuits and legal actions taken against WazirX. Many crypto influencers have criticized the leadership for failing to improve the situation for customers seeking to recover their funds during this bullish market phase. Indian enforcement agencies have launched investigations into the hacking incident, but customers remain skeptical about the progress of the proceedings.
A crypto investor with legal expertise is encouraging affected customers to file consumer complaints against the exchange. The investor is in the process of filing a consumer case against WazirX at the NCDRC and is inviting others to join the case.
As the situation with WazirX continues to unfold, it is evident that customers are seeking accountability and transparency from the exchange’s leadership. The delay in presenting the restructuring plan and the ongoing legal actions against the exchange highlight the challenges faced by the crypto industry in navigating regulatory issues and protecting customer interests.