2024

when

WazirX

Dubai

<p>Several “crypto influencers”, victim investors and netizens have begun mounting pressure on WazirX crypto exchange, to allow its customers to withdraw their funds, after the biggest Indian crypto hack resulted in loss of over Rs 2000 crore of investors.</p>
<p>WazirX has suspended all operations and locked all remaining unaffected funds (55%) of its customers after it lost $230 million in various cryptocurrencies after a cyber attack on their platform on <a href="https://www.cryptotimes.io/2024/08/02/what-went-wrong-with-wazirx-indias-biggest-crypto-hack/" rel="noopener noreferrer nofollow">July 18</a>. It has been three weeks since the hack incident and subsequent suspension of remaining funds, but WazirX has been unable to come up with a <a href="https://www.cryptotimes.io/2024/07/30/wazirx-under-fire-from-the-industry-over-unfair-tactics/" rel="noopener noreferrer nofollow">viable solution</a> for its customers.</p>
<p>On Friday, several influential crypto figures took to ‘X’ social media to criticize WazirX’s inactions post the hacking and demanded immediate release of 55% funds of investors.</p>
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   <p lang="en" dir="ltr">It’s been 24 days since wazirx Hack.<br><br>Still Wazirx failed to publish basic transparency details. <br><br>1) Breakdown of Stolen Crypto with Amount. <br>2) Breakdown of Remaining Crypto with Amount. <br>3) Disclose Wallet addresses. (Live POR was disabled on Coingabbar) <br>4) Disclose INR…</p>— Aditya Singh (@CryptooAdy) <a href="https://twitter.com/CryptooAdy/status/1821979547174367503?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 9, 2024</a>
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<p>Many influencers also took notice of the destressed victims of the WazirX hack who have been in limbo state for the past three weeks, unsure about how much funds they lost and how much they can still recover.</p>
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   <p lang="en" dir="ltr">This is heart breaking 💔, I can't imagine the pain wazirx investors are going through.<br>I have seen messages &amp; videos of people literally begging for their hard earned money which they put in <a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#WazirX</a>. It is more then 20 days. Wazirx must release the remaining funds immediately.</p>— Pankaj Tanwar (@pankjtanwar) <a href="https://twitter.com/pankjtanwar/status/1822121460741079247?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 10, 2024</a>
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<p>Several investors of WazirX have taken to social media to narrate their harrowing experience post the hacking incident that resulted in loss of <a href="https://www.cryptotimes.io/2024/07/18/half-of-investors-funds-gone-from-wazirx-in-massive-breach/" rel="noopener noreferrer nofollow">half of investor funds</a> from the exchange. An investor named Ajay Chaudhary posted a video of his <a href="https://www.cryptotimes.io/2024/08/09/destressed-victims-of-wazirx-hack-release-video/" rel="noopener noreferrer nofollow">64-year-old father</a> who was admitted into Intensive Care Unit of a hospital due to stress after he allegedly invested Rs 60 lakh in the exchange.</p>
<p>The video has since then got viral, with many users demanding WazirX to immediately release 55% customer funds that have been unaffected from the hack.</p>
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   <p lang="en" dir="ltr">🚨Emergency msg from your tribe Mr. Nischal Shetty.<a href="https://twitter.com/BuddhaSource?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@BuddhaSource</a> <a href="https://twitter.com/shardeum?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@shardeum</a> <a href="https://twitter.com/CryptooAdy?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@CryptooAdy</a> <a href="https://twitter.com/pushpendrakum?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@pushpendrakum</a> <a href="https://twitter.com/simplykashif?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@simplykashif</a> <a href="https://twitter.com/Crypto_Jargon?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Crypto_Jargon</a> <a href="https://twitter.com/cryptoamanclub?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@cryptoamanclub</a> <a href="https://twitter.com/hashtag/JusticeForWazirXUsers?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#JusticeForWazirXUsers</a> <a href="https://twitter.com/VJ_CryptoTimes?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@VJ_CryptoTimes</a> <a href="https://t.co/VRuAwmzpdw" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/VRuAwmzpdw</a></p>— Justice for WazirX Users (@IndiasCrypto) <a href="https://twitter.com/IndiasCrypto/status/1821929226905309341?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 9, 2024</a>
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<h2 class="wp-block-heading" id="wazirx-investors-want-dubai-police-intervention">WazirX Investors want Dubai Police intervention</h2>
<p>Several investors of WazirX have suggested approaching authorities in Dubai to initiate a criminal investigation against WazirX and its co-founders Nischal Shetty and Siddharth Menon. According to a <a href="https://www.forbesindia.com/article/crypto-made-easy/wazirx-cofounders-shifting-base-to-dubai/75521/1" target="_blank" rel="noopener noreferrer nofollow">Forbes India</a> article, both Menon and Shetty moved to Dubai along with their families last year however they have still kept Mumbai as one of the bases of their operations.</p>
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   <p lang="en" dir="ltr">If any <a href="https://twitter.com/WazirXIndia?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@WazirXIndia</a> user is living in <a href="https://twitter.com/hashtag/Dubai?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Dubai</a> then they can directly file legal complaint against <a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#WazirX</a> &amp; <a href="https://twitter.com/NischalShetty?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@NischalShetty</a>. Dubai govt. Will take strict action immediately to release funds. Dubai's legal system is straight-forward and will take action. <a href="https://twitter.com/hashtag/WazirXIndia?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#WazirXIndia</a> <a href="https://twitter.com/hashtag/WazirXHack?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#WazirXHack</a></p>— SAHIL KHAR (@SahilKhar) <a href="https://twitter.com/SahilKhar/status/1821577358941585881?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 8, 2024</a>
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<p>The fact that co-founders of WazirX live beyond Indian authorities’ jurisdiction is troubling Indian investors of the exchange who are now facing the horrific proposition of never getting back their funds. A <a href="https://www.cryptotimes.io/2024/08/08/wazirx-and-partners-hit-with-nclt-petition-over-230m-hack/" rel="noopener noreferrer nofollow">petition</a> with National Company Law Tribunal (NCLT) in India has already been filed against WazirX while several other investors are planning to file <a href="https://www.cryptotimes.io/2024/08/02/wazirx-faces-pil-over-230m-security-breach-crisis/" rel="noopener noreferrer nofollow">petitions</a> in the high court of India to sue the exchange owners.</p>
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   <p lang="en" dir="ltr">If any wazirx user is living in dubai then they can directly file legal complaint against wazirx dubai govt. Will take strict action immediately then wazirx and team have to release all funds anyhow <a href="https://twitter.com/cryptoamanclub?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@cryptoamanclub</a> <a href="https://twitter.com/CryptooAdy?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@CryptooAdy</a> <a href="https://twitter.com/CryptooIndia?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@CryptooIndia</a> <a href="https://twitter.com/hashtag/JusticeForWazirXUsers?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#JusticeForWazirXUsers</a> <a href="https://twitter.com/IndiasCrypto?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@IndiasCrypto</a></p>— Udit Uday Aggarwal (@udituday11) <a href="https://twitter.com/udituday11/status/1821445910829650132?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 8, 2024</a>
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<p>Till now, WazirX has claimed to restore portfolios of all customers and nullify any trade that occurred on its platform after July 18 hack. However it has not provided any clarity on when investors can withdraw their funds and in what ratio.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/08/07/wazirx-victims-list-7-key-demands-following-230m-hack/" rel="noopener noreferrer nofollow">What are the seven key demands of WazirX investors post hack?</a></p>
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Pressure mounts on WazirX to return investor funds post 3 weeks of hack

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The Crypto Times

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