WazirX CEO confirms WazirX will not adopt bankruptcy method to compensate customers

Nischal Shetty confirmed that WazirX leadership doesn’t want any unnecessary reason to increase the delay in returning customer funds. 

WazirX is a popular Indian crypto exchange, and currently, this crypto firm is facing huge criticism from the Indian crypto community, as they failed to disclose any crucial details or plan to compensate customers. Although yesterday they released their plan formally that they will unlock the fiat fund withdrawal services for those WazirX customers who faced losses in very big amounts, the exact timeline for this plan is still unavailable in the public domain.

https://t.co/ubzlyoNptk#WazirX Exchange to Gradually Reopen INR Withdrawals Following Recent #Hack
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Today the WazirX team again shared new information with the WazirX customers and confirmed that they are doing their best to help the customers recover funds as soon as possible, but there are some players (not WazirX investors, probably crypto influencers) who want to create some road bumps in the new future plans.

tribe! We understand that our decision to pursue this restructuring path may raise some concerns, but we want to emphasize that it is the most expedient and legally sound approach to addressing the current crypto-related issue.

We believe this direction is in the best… pic.twitter.com/1NiLMV88E9

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 24, 2024

WazirX CEO Nischal Shetty quoted this tweet and confirmed that neither WazirX leadership is planning for liquidation nor for bankruptcy; instead, it will be a restructuring plan, but it will take time, and probably the main plan will come into the public domain in the next 7 days.

FYI: This is not bankruptcy or liquidation since that will take several years. Our community did not want us to go in that direction and we’ve found a more optimal solution.

Complete details will be revealed next week and we will also work on further explanations through blogs… https://t.co/hKLs6ODRog

— Nischal (Shardeum) (@NischalShetty) August 24, 2024

An Indian crypto influencer alleged that the WazirX team is trying to create conflict between WazirX customers and crypto YouTubers with indirect statements. 

Wah ji wah

Users ki youtubers se fight kerwa do aapas me. pic.twitter.com/Q9d0p4kXrf

— Pushpendra Singh (@pushpendrakum) August 24, 2024

Another Crypto X user claimed that the WazirX team is only providing useless information to convince the WazirX customers with words, instead of doing anything. This crypto X user also argued that WazirX actually has no compensation plan for customers because they’re going to give withdrawals for INR money, not crypto money. 

You have once again given a lollipop to your users because 99% of the user's fund was stored in crypto on the WazirX exchange and you did not give any option for crypto withdrawal, what good did it do to the user, you have given the option of INR withdrawal in which the user does…

— Rohitash Yadav (CCM) (@RYadav8177) August 24, 2024

Read also: Federal Court Rules Crypto Tokens on Kraken Are Not Securities, Marking Major Victory for the Crypto Industry

WazirX CEO confirms WazirX will not adopt bankruptcy method to compensate customers

 

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