Nischal Shetty

Binance Rejects Wazirx’s Claims — Denies Responsibility for Hack Consequences

September 18, 2024 Bitcoin.com

Binance

Crypto exchange Binance has responded to accusations from Wazirx and Zettai about how its dispute with Wazirx affects user funds lost in the July cyberattack. The company insists that responsibility for the incident lies with Wazirx’s management under Zanmai and Zettai, not Binance. Rejecting claims from co-founder Nischal Shetty, Binance maintains it “bears no responsibility […]

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Wazirx Begins INR Withdrawal Phase 1: Users Can Withdraw Up to 33%

August 26, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx has initiated the first phase of INR withdrawals, permitting eligible users to withdraw up to 33% of their INR balances. Co-founder Nischal Shetty noted that the timeline for the second phase remains uncertain due to several internal factors that need to be addressed. Wazirx Launches Phase 1 of INR Withdrawals Indian […]

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Wazirx Founder Denies Remaining Assets Are Gone, Warns About New Fake Account Trend

August 25, 2024 Bitcoin.com

Assets

Wazirx co-founder Nischal Shetty has addressed concerns about the remaining assets following the cyberattack, stating that misinformation has caused unnecessary fear by suggesting these assets are also gone. He emphasized that such claims are baseless and are made only to attract attention. He also promised to share Wazirx’s Proof of Reserves (PoR) after a new […]

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Wazirx Defends Restructuring Decision — Founder Assures ‘Not Bankruptcy or Liquidation’

August 24, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx has defended its restructuring strategy in response to the July 18 cyberattack that led to the theft of over $230 million. The company emphasized that this approach is the quickest and most legally sound way to address these challenges. “This is not bankruptcy or liquidation since that will take several years,” […]

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Wazirx Tells Users: Google’s Mandiant Confirms No Breach on Laptops During Cyberattack

August 19, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx says cybersecurity firm Mandiant, a Google subsidiary, has confirmed that Wazirx team laptops were not compromised during the $230 million cyberattack. The exchange added that attention is now focused on custodian Liminal’s wallet infrastructure, and the investigation’s findings have been shared with law enforcement and other agencies to assist in recovering […]

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Wazirx Update: Trade Reversals Near Completion, 344 Bounty Entries Received

August 13, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx says it is close to completing the reversal of trades after the $230 million cyberattack. “We’re working with legal experts to help us formulate an effective method for enabling withdrawals,” the exchange stated. Additionally, Wazirx revealed that its bounty program has attracted 344 bounty hunters to help recover the stolen funds. […]

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Wazirx Announces FIR Filing Following Major Cyberattack

August 6, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx has updated users about the recent cyberattack, confirming the filing of a First Information Report (FIR) to address the hack. Cofounder Nischal Shetty emphasized that a police complaint was made the day after the attack. The FIR, filed nearly 20 days later, is part of an ongoing investigation by the Delhi […]

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Crypto community slams WazirX’s ‘socialized losses’ plan after hack

August 3, 2024 Coin Telegraph

$230 million exploit

As WazirX navigates this crisis, the firm faces the challenge of rebuilding trust with its user base and the broader crypto community.

In the aftermath of the recent WazirX hack, which resulted in a $230 million exploit, the cryptocurrency exchange’s proposed solution to address the losses has met significant resistance from its user base.

The crypto community heavily criticized the firm’s plan, known as the “socialized losses” or 55/45 approach, particularly after a user poll reportedly showed overwhelming disapproval of the measure.

The proposed 55/45 approach suggested that users could trade only 55% of their assets on the Indian exchange while the remaining 45% would be converted into USDT stablecoin or other tokens. These converted tokens would then be locked on the platform. This decision would apply to all users, regardless of whether the hack affected their funds.

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Coindcx Urges Wazirx to Reconsider Passing 45% Losses to Customers

July 30, 2024 Bitcoin.com

bitcoin.com

The CEO of Indian crypto exchange Coindcx has criticized Wazirx’s approach in response to a recent $230 million cyberattack. Urging Wazirx to take responsibility, he stressed: “Making customers directly absorb the 45% losses is utter nonsense.” Wazirx is working to recover and reopen its platform, providing updates and taking legal actions, while assuring users about […]

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Wazirx Says ‘Poll Is Not Final’ — Shares Additional Cyberattack Recovery Plan

July 29, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx has assured users that the poll conducted to gather input for reopening the platform following the recent major cyberattack is not final and “not legally binding upon the users or Wazirx.” Co-founder Nischal Shetty explained that Wazirx “will soon launch a feedback form to collect more ideas.” He emphasized the importance […]

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