More than 22 days after unknown suspects hacked WazirX crypto exchange and stole funds worth $230 Million (Rs 2000 crore), there is a sense of despair and panic among investors as they see no light at the other end of the tunnel.
The investors-who are from all age groups- run into thousands and are mostly based out of India as they had opted to invest in the indigenous exchange WazirX, four years ago. Today, they claim they are stuck in limbo as WazirX has suspended all operations and locked their funds.
“I am a loyal WazirX customer since day one and I have stood by them through thick and thin, especially when they had compliance issues with Binance and Enforcement Directorate. However, when I needed their support during the hacking incident, they abandoned me. This betrayal cuts deep,” said @indiascrypto, a Twitter user who has now become a voice for all customers of WazirX demanding justice.
In an exclusive interview with The Crypto Times, the investor @indiascrypto, who wishes to remain anonymous, has claimed that over 750 investors of WazirX have contacted him in the past two weeks.
“Initially, around 90 investors personally contacted me after which I decided to launch a Telegram channel community group to support our cause. Till now, we have over 750 aggrieved investors in our group who are all demanding just one thing from WazirX- release the 55% unaffected funds immediately,” said @indiascrypto.
The Crypto Times was given access to the Telegram channel where WazirX investors are discussing further course of action. The victim investors belong to all age groups and income strata of India- some are students, some working professionals and some senior citizens including a 64-year-old man Omprakash Chaudhary who was admitted in a hospital on Thursday night.
As per his son Ajay, his father had invested Rs 60 lakh in WazirX and was admitted in ICU after he saw no hope of a recovery of funds. A video of Omprakash being admitted in ICU of a hospital in India and his son demanding release of funds went viral on social media on Friday night.
“I uploaded a video on X which then went viral and many noted crypto influencers also responded to it. However there has been no response at all from Nischal Shetty and WazirX. They have been buying time since day one and after 22 days we are losing patience. We are slowly realizing that this is not a hack but a scam,” said Ajay, an investor of WazirX.
There are several other aggrieved investors of WazirX who have been demanding release of 55% unaffected funds.
On July 18, unknown hackers had stolen nearly 45% funds in the form of various cryptocurrencies from WazirX exchange after breaching its multi-sig wallet. The crypto exchange halted all operations post the hack and blocked any attempts by investors to withdraw the remaining 55% funds.
WazirX, in their response, have promised to restore the portfolio of all customers but did not give any clarity on when they can start withdrawing their funds. The exchange has also claimed that a police complaint was filed with Delhi Police after 20 days of the breach.
Both Nischal Shetty and Siddharth Menon, co founders of WazirX had moved to Dubai with their families two years ago and shifted their base of operations from India to the middle east. The fact that both Shetty and Menon are residing in a different country, beyond the jurisdiction of Indian authorities, is giving sleepless nights to the investors.
“I suspect that WazirX and Nischal are deliberately buying time with promises of 55% funds and misleading users. Given that Nischal is based out of Dubai, I believe it is crucial for Dubai Police to bring him in for a thorough and impartial investigation in the case. This is not just about recovering funds, it’s about holding accountable those who may have exploited their position for personal gain,” said @indiascrypto.
WazirX is currently facing a petition with the India based National Company Law Tribunal (NCLT) for probe of alleged mismanagement and fraudulent activities. Some investors have also threatened to file a Public Interest Litigation in High Court against the exchange.
“As a loyal customer, I deserve to know exactly what happened, the truth behind this hack, and why WazirX has failed to respond to my concerns. Therefore, I will file the PIL officially. This is not just a legal action, it is a stand for justice and accountability,” said @indiascrypto.
Also Read: What Went Wrong with WazirX? Unraveling India’s biggest crypto hack
