In a shocking turn of events, WazirX has removed the video of a live townhall session broadcasted on YouTube where the management claimed that they will share 100% profits from any crypto price appreciation in future with users. Earlier, the WazirX management had clarified that they were not going to share any past profits with affected users.
The one hour long townhall session was broadcasted on YouTube live on Friday around 1:30 pm IST where co-founder Nischal Shetty and George Gwee, director of Kroll, the legal firm handling WazirX restructuring post the Rs 2000 crore hack, were present to answer queries from affected users. During a question-answer session, Gwee answered a query from user that what will be the sharing percentage of profits if crypto prices appreciate during the restructuring process.
In a video accessed by The Crypto Times, Gwee could be heard saying that any profits made from crypto prices appreciation during the restructuring process would be shared 100% with users. Strangely, after WazirX users started congratulating co-founder Nischal Shetty for the bold step, the live video was made ‘private’ by the WazirX management. WazirX users are now left frustrated due to the non-transparent operations of the management, especially when they have promised to be fair in front of the Singapore court, which recently granted them four-month moratorium.
Earlier, in their second townhall discussion on Youtube, WazirX management had claimed that they will not share any past profits of the crypto exchange with their users in the new restructuring scheme. During the second townhall discussion, WazirX management had laid down the restructuring process where they clarified that “assets” of Zettai Pte Ltd (parent entity of WazirX) include remaining funds left on the exchange post hack, any recovered tokens from the hack, any tokens generated from profit sharing after the restructuring process is initiated and any tokens generated from collaboration under any proposed restructuring. The total assets valuation of Zettai comes around $301,787, 232 as per WazirX.
Meanwhile, WazirX co-founder Nischal Shetty revealed during the townhall discussion that 87% of total 4.4 million users of the exchange hold only 8% funds in the exchange. According to estimates revealed by WazirX exchange, 87% of total 4.49 million active users would amount to 3.9 Million users who hold just 8% of WazirX funds that is expected to be somewhere around Rs 352 crores.
If we equitably divide the total 8% funds (Rs 352 crore) between these 87% users (3.9 Million users), then per user hold of WazirX funds would come around just Rs 900 i.e. $10 USD.
Also Read: WazirX’s Latest Marvel: Non-Transparent 10 Member Committee for 4.4M Users
