WazirX crypto exchange’s CEO, Nischal Shetty, has blocked crypto influencers who were asking genuine questions about the exchange’s compensation plan and seeking clarity on the current ongoing processes.
A month ago, WazirX was attacked by unknown hackers, resulting in the loss of nearly $230 million worth of cryptocurrencies. Following the hack, the exchange suspended both crypto and fiat withdrawal services. Yesterday, WazirX CEO Nischal confirmed that the exchange is planning for a restructuring and compensation plan instead of opting for bankruptcy, as bankruptcy could be very painful for customers due to the lengthy process.
Many Indian crypto influencers have raised concerns because the WazirX team failed to provide a specific date for when they will allow customers to withdraw INR funds, and also they asked why they failed to talk about crypto fund withdrawals.
In response, WazirX CEO Nischal has blocked some crypto influencers on X (formerly Twitter). Notably, well-known Indian crypto influencer Aditya Singh stated that Nischal blocked him for raising genuine questions on behalf of WazirX customers.
In another tweet, Aditya Singh clarified that he is not against WazirX or any crypto exchange. Instead, he aims to bring clarity by asking questions on behalf of WazirX customers so that those who lost their money can have a clear path to recovery.
WazirX vs Binance Controversy
WazirX was once a popular Indian crypto exchange. In 2019, it was acquired by Binance. However, a heated debate between Binance co-founder Changpeng Zhao (CZ) and WazirX co-founder Nischal Shetty revealed that the financial and business relationship between the two exchanges was not clearly defined.
Binance co-founder CZ alleged that WazirX never transferred complete ownership to Binance, while Nischal Shetty claimed that all key controls, except for user data, were always under Binance’s management. This unclear relationship has left WazirX customers confused about the actual ownership of the exchange.
If today the relationship between Binance and WazirX had been clear, Binance could have potentially helped WazirX navigate this difficult phase quickly. Unfortunately, WazirX now faces the risk of disappearing altogether.
Read also: Increasing Dominance of Big Players Controlling Bitcoin Network Sparks Centralization Concerns: Two Firms Control 56.7%
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