Indian regulatory agencies recently met with the leadership of WazirX in response to demands from customers of the popular Indian crypto exchange. WazirX has been facing financial difficulties following a hack incident three months ago, during which $235 million worth of cryptocurrencies were stolen, leading to the suspension of the platform’s services.
According to a report from a Crypto X user advocating for WazirX customers affected by the hack, officials from the Intelligence Bureau (IB), Financial Intelligence Unit (FIU), and Computer Emergency Response Team (CERT) held discussions with the founders of WazirX. The purpose of the meeting was to address concerns raised by users and investigate the possibility of insider involvement in the hack.
While the investigation is still in its early stages, the interest shown by Indian authorities is seen as a response to the demands of WazirX customers for justice and accountability. In the past, customers had expressed frustration towards government agencies for failing to take action against WazirX despite its registration with regulatory bodies.
In an effort to support the rights of WazirX customers, the exchange’s leadership has formed a creditors committee comprised of randomly selected individuals. Initially, 43,000 people were chosen to be part of the committee, with the final 10 members set to be selected from this group. This move aims to ensure transparency and fairness in addressing any potential misconduct by the WazirX leadership, particularly in light of previous allegations of creating fake customers associated with the exchange’s management.
As the investigation into the hack incident progresses, WazirX customers and regulatory agencies are closely monitoring the situation to ensure accountability and justice for those affected. The collaboration between stakeholders reflects a commitment to addressing the challenges faced by the crypto exchange and its users, as they navigate the aftermath of the security breach.