In the wake of WazirX crypto exchange hack of Rs 2000 crore, another Indian exchange Pi42’s co-founder Avinash Shekhar claimed on Tuesday that they are relatively “safer” than WazirX, however, investors were quick to point out that both the exchanges have same co-founder Nischal Shetty.
In an “Ask Me Anything” session conducted on ‘X’ (formerly Twitter) Tuesday evening, Pi42 exchange’s co-founder Avinash Shekhar fielded questions from angry investors of WazirX exchange, whose funds have been stuck in limbo, as the latter exchange has halted all withdrawals after the hack.
Responding to the question whether Pi42 exchange is safer than WazirX, Shekhar said, “They are two totally different companies and in terms of safety, we do not deal in crypto. We don’t keep customer’s crypto with us, what we have is customer’s Indian Rupees (INR) and obviously, we use Indian bank accounts for that. Since there is no crypto to hack so to that extent, we can say that we are significantly safer than other crypto exchanges in India.”
However, the irony was not lost on angry investors of WazirX who criticized the dual policies of two exchanges that have the same co-founder Nischal Shetty. They also wondered how one crypto exchange can claim to be “safer” than the other when both have the same co-founder.
The Strange Connection of WazirX, Liminal Custody and Pi42 exchange
The Crypto Times had earlier reported that after the July 18 hack of WazirX exchange, the victim investors have pointed out a strange connection between two Indian crypto exchanges WazirX and Pi42 and Liminal Custody- a digital transactions security firm.
According to several investor victims of WazirX hack, Mahin Gupta- the founder of Liminal Custody, which was in a partnership with WazirX, is an investor and advisor with Pi42 exchange- one of the side ventures of Nischal Shetty- the co-founder of WazirX.
Noticeably, post the hack on July 18, WazirX had blamed Liminal Custody for the breach of their multi signature wallet that led to the theft of funds.
Also Read: WazirX Hack Mystery Deepens: The Pi42 link of Liminal’s Gupta & WazirX
