In another attempt to steer the narrative, WazirX has announced the formation of a 10-member Committee of Creditors (COC) to represent the interest of its massive user base of 4.4 million customers, in the wake of Rs 2000 crore cyber hack. However, the exchange management has claimed that the committee members will remain anonymous and has also refused to divulge the criteria to join the committee.
The recent move by WazirX has led to several WazirX users and influencers questioning the transparency model proposed by the exchange management where 10 anonymous people (a mere 0.0002% of users) will represent the interests of millions. The move comes amidst mounting pressure from users whose funds remain stuck in the exchange, more than two and a half months after the hack.
The recent move by WazirX comes after a Singapore Court granted four months conditional moratorium to Zettai Pte Ltd, the parent entity of WazirX. As per the court, WazirX co-founder Nischal Shetty vis-a-vis Zettai Pte Ltd has to prove that the exchange management has dealt with complete transparency with their users during the moratorium process.
WazirX claims that the COC will “provide feedback, monitor progress, and facilitate communication between creditors and the company.” But this announcement leaves a bitter taste for many. Several users have questioned that if this committee is supposed to speak for millions, then why is the selection process happening behind closed doors? According to WazirX, the identities of the 10 randomly chosen members will remain confidential for “security reasons.”
To make matters worse, users will only hear from these “mystical representatives” in highly controlled environments like townhalls events, with the next one scheduled for today at 4 PM SGT (1:30 PM IST). Critics are already asking: How can these meetings truly reflect user interests if the so-called representatives are picked by the same management many users have lost faith in?
Many are now questioning whether this move is just another manipulative tactic designed to influence the Singapore court into thinking WazirX is genuinely listening to users. After all, a committee selected by the company itself, with no transparency, sounds more like a PR exercise than a genuine effort to engage with user feedback.
And let’s not forget, 4.4 million users are stuck waiting for their funds, and WazirX wants to assure them that a tiny group chosen through a non-transparent process will “speak on their behalf.”
The timeline WazirX shared adds to the skepticism. By 9th October, selected creditors will supposedly be informed of their place on this confidential committee, and the first meeting will be held within a week. But the glaring question remains: will the voices of everyday users, many of whom have had their money stuck for months, be heard?
Is this really a step forward, or is WazirX just paying lip service to the court and users alike? With millions of dollars and the trust of 4.4 million people on the line, WazirX’s latest move feels more like a smoke-and-mirror strategy than a genuine attempt to fix the issue. Time will tell if this committee will make any real difference—or if it’s just another chapter in WazirX’s saga of user frustration.
Also Read: What Now for WazirX Users? A long wait into the Abyss
