Indian Crypto Influencers Label WazirX Exchange as “WazirX Chit Fund Scam” Amid Controversy

In the latest controversy surrounding WazirX, a popular Indian cryptocurrency exchange, several prominent crypto influencers have accused the platform of misleading users and misrepresenting data. These accusations follow a recent hacking incident that reportedly resulted in the loss of $230 million worth of cryptocurrencies from WazirX, putting the company under significant financial strain.

Instead of opting for bankruptcy, the WazirX leadership has decided to restructure the platform, a move that has drawn criticism from various members of the crypto community. Influencers argue that the decisions taken by WazirX have been more focused on securing the future of the company rather than safeguarding the interests of its customers.

Aditya Singh, a well-known crypto influencer, has raised concerns about the authenticity of WazirX’s reported customer balances. He alleged that the WazirX team, either intentionally or unintentionally, altered the total customer balance figures. Singh highlighted discrepancies in the reported numbers, pointing out that WazirX initially reported a total user balance of $570 million, which was later changed to $546 million. WazirX claimed that the initial figure mistakenly included some INR balances.

Aditya Singh commented on the situation, stating, “Just In – After we exposed flaws in Wazirx Affidavit….Wazirx changed Total User Balance to $546 Million from $570 Million…Wazirx claim that they included some INR by mistake. …It is worth noting Wazirx didn’t realise this unless we point it out.” 

He also questioned the inconsistencies in the hacking incident report, asking why WazirX initially claimed that 42% of funds were hacked, a figure that matched the affidavit, only to later revise it to 45%.

Another crypto influencer pointed out further inconsistencies, particularly concerning the inclusion of INR in WazirX’s balance sheets. This influencer noted, “Zettai doesn’t have any INR. WazirX is a Singapore company. So how was INR even included…(…). It’s not possible unless Zanmai & Zettai have the same books of accounts…this is turning out to be WazirX Chit Fund Scam.”

These allegations have sparked a debate in the crypto community about the transparency and accountability of exchanges, especially in the aftermath of security breaches. As the situation unfolds, it remains to be seen how WazirX will respond to these claims and what impact this will have on its users and the broader crypto market in India.

Read also: Coinbase Pioneers First AI-Managed Crypto Transaction Using USDC on Base

Indian Crypto Influencers Label WazirX Exchange as “WazirX Chit Fund Scam” Amid Controversy

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