Nischal Shetty, the founder of WazirX, is at the center of a new scandal. Almost a year after the hack of the platform, it has been revealed that Shetty transferred assets to his wife without notifying users.
Details of Asset Transfer
A few weeks after the hack on WazirX, Nischal Shetty transferred 100% shares of Shinjuku FZC LLC to his wife, Moujhari Guha. This move was made without public announcement, while users were still trying to recover from the loss of significant funds.
Controversial Court Ruling
Recently, Singapore Judge Kristy Tan released documents confirming that Zettai Pte. Ltd., WazirX's Singapore entity, was indeed holding user assets. This contradicts WazirX's claims that they did not control or hold user funds.
Current Situation and Nischal Shetty's Future
Nischal Shetty is currently residing in Dubai and has faced no consequences regarding the hack. Meanwhile, users remain without access to their funds, which have been frozen for nearly a year. Shetty is concurrently working on his new project 'Shardeum', ignoring the issues that arose with WazirX.
The situation surrounding Nischal Shetty and WazirX raises many questions about transparency and accountability in the crypto industry. Users are left alone with their losses while the founder continues as if nothing happened.
