In a recent development that garnered the attention of the crypto community, Nischal Shetty, founder of WazirX, an Indian crypto exchange that suffered a massive hack last year, was trolled after sharing a news, celebrating US President Donald Trump’s decision to launch a crypto reserve.
For the past seven months, millions of WazirX exchange users in India are awaiting return of their funds after a massive hack resulted in loss of 45% user funds or $234.9 million (Rs 2000 crore) in July, 2024. Whilst the users of WazirX exchange have their funds stranded, perhaps the jubilant gesture by the exchange founder Nischal regarding setting up of strategic crypto reserve in US didn’t go down too well with them.
According to the reports, on Sunday, President Donald Trump announced that the US is coming up with a strategic crypto reserve, including Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL). This news generated tremendous buzz within the crypto verse, considering it as a groundbreaking move.
The users were quick to remind Shetty how he failed to cater to his own exchange users, whilst “celebrating the new era of cryptocurrency” regarding Trump’s announcement.
Famous Indian crypto YouTuber and influencer Kashif Raza openly criticized Shetty and said that he should learn from Bybit how they secured the loan from the industry, after a recent $1.5 billion hack and solved the crisis smoothly.
Another user, Crypto with Khan, expressed his frustration and said, ” How will users benefit from this new ERA Nishchal? Their funds are stuck due to WazirX. Bybit handled almost 7x larger hack, but users are helpless in the WazirX Case! Do Something Man > Help users who trusted you > used your exchange.”
The main reason behind the community aggression is that recently Bybit faced a similar situation, but the exchange mange the crisis very smoothly and prioritized the users’ satisfaction. On the other hand, Nischal did not mange the situation properly and lied to its users and did not communicate with them properly.
This incident teaches us that the Crypto community never forgets anything- “Trust is built over years but is broken in a moment”.
