Now, the level of criticism and backlash has reached a new peak, where Indian crypto influencers are calling for a boycott of WazirX co-founder Nischal Shetty from the crypto space.
WazirX was a popular Indian crypto exchange, though its parent company was located in Singapore. Two months ago, this exchange faced a hack, where hackers drained $235 million worth of cryptocurrencies from the exchange’s cold wallet. Currently, WazirX is struggling and waiting for support from a major player to bring the platform’s services back online.
On 25 Sep 2024, a Crypto X account representing WazirX customers affected by the hack asked the Indian crypto community to boycott Pi42 crypto exchange and Shardeum.
WazirX CEO Nischal Shetty is co-founder and leader of India’s Pi42 crypto exchange, the first native crypto derivatives platform offering lightning-fast settlements in rupees (INR). Shetty has also been promoting Shardeum, a Proof-of-Stake (PoS) blockchain network, for the past 3-4 years.
In a new development, WazirX announced today that it secured approval for its moratorium application in the Singapore court, protecting the WazirX executive team from legal challenges while giving them more time to restructure the platform. This step is seen as crucial for the exchange’s survival amid mounting pressures from its customers and the ongoing investigation into the hack.
Amidst this turmoil, the controversy surrounding Binance’s involvement in WazirX’s ownership continues to unfold. Binance has distanced itself from the exchange, but many customers believe there are unresolved issues regarding the true ownership of WazirX. With ongoing investigations and a possible boycott of Shetty-backed projects, the future of WazirX and its affiliated projects remains uncertain.
Read also: Telegram Crypto Wallet suspends in-app wallet function for UK residents, waiting for registration with FCA body
