“Usi ka shahar, wahi muddai, wahi munsif, hamen yaqin tha hamara qusur niklega” (His city, his complaint, his judge; I was certain I was going to be convicted).
These immortal lines by Ameer Qazalbaksh echo the true emotions of millions of WazirX users in India, who are forced to dance on the tunes of the exchange management.
On Thursday September 12, WazirX management finally rolled out “No” and “No Position” options for its users to vote for whether they support the moratorium application in Singapore High Court.
For the past 30 days, frustrated users of WazirX have been complaining that they received an uncanny request from the management. They are seeking support from platform users for a moratorium application to get approved by Singapore court, however, users have just one option in the poll- vote Yes.
This move comes after receiving a huge backlash from users who felt that the lack of a “No” choice, limits their ability to express their opinion regarding the application filed in Singapore for a moratorium. A moratorium application, if approved by the judge in Singapore HC, will give WazirX and its parent entity Zettai Pte Ltd, six months protection from any legal action.
The exchange management intends to roll out a “restructuring scheme” within these six months to compensate its 4.4 million users whose funds were stolen in a cyber hack of Rs 2000 crore on WazirX on July 18. The platform co-founder Nischal Shetty has clarified in his affidavit that users will have to settle for a socialistic “equitable loss” sharing formula. As per legal experts of WazirX, it is expected that users will suffer a minimum of 43% loss of their funds even after the scheme is rolled out.
The moratorium application filed in the Singapore High Court is a strategic move by WazirX’s management to buy time to address the financial setbacks caused by the hack.
However, many users have remained sceptical about the handling of the situation, especially with the ongoing ownership dispute between WazirX and Binance.
Conclusion
The lack of a “No” option in the initial poll only heightened frustration in users, leading some to accuse the management of staging a narrative that doesn’t fully represent the user base’s sentiments. It is rather farcical that WazirX took a month to roll out a transparent polling option in their operations.
Also Read: Nischal’s Proposal to WazirX Users: “It’s My Way or Highway”
