Several “crypto influencers”, victim investors and netizens have begun mounting pressure on WazirX crypto exchange, to allow its customers to withdraw their funds, after the biggest Indian crypto hack resulted in loss of over Rs 2000 crore of investors.
WazirX has suspended all operations and locked all remaining unaffected funds (55%) of its customers after it lost $230 million in various cryptocurrencies after a cyber attack on their platform on July 18. It has been three weeks since the hack incident and subsequent suspension of remaining funds, but WazirX has been unable to come up with a viable solution for its customers.
On Friday, several influential crypto figures took to ‘X’ social media to criticize WazirX’s inactions post the hacking and demanded immediate release of 55% funds of investors.
Many influencers also took notice of the destressed victims of the WazirX hack who have been in limbo state for the past three weeks, unsure about how much funds they lost and how much they can still recover.
Several investors of WazirX have taken to social media to narrate their harrowing experience post the hacking incident that resulted in loss of half of investor funds from the exchange. An investor named Ajay Chaudhary posted a video of his 64-year-old father who was admitted into Intensive Care Unit of a hospital due to stress after he allegedly invested Rs 60 lakh in the exchange.
The video has since then got viral, with many users demanding WazirX to immediately release 55% customer funds that have been unaffected from the hack.
WazirX Investors want Dubai Police intervention
Several investors of WazirX have suggested approaching authorities in Dubai to initiate a criminal investigation against WazirX and its co-founders Nischal Shetty and Siddharth Menon. According to a Forbes India article, both Menon and Shetty moved to Dubai along with their families last year however they have still kept Mumbai as one of the bases of their operations.
The fact that co-founders of WazirX live beyond Indian authorities’ jurisdiction is troubling Indian investors of the exchange who are now facing the horrific proposition of never getting back their funds. A petition with National Company Law Tribunal (NCLT) in India has already been filed against WazirX while several other investors are planning to file petitions in the high court of India to sue the exchange owners.
Till now, WazirX has claimed to restore portfolios of all customers and nullify any trade that occurred on its platform after July 18 hack. However it has not provided any clarity on when investors can withdraw their funds and in what ratio.
Also Read: What are the seven key demands of WazirX investors post hack?
