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The Uncertainty Surrounding WazirX Ownership: Who Really Owns WazirX?

Aug 27, 2024
  1. Nischal Shetty’s Latest Revelation
  2. The Ownership Tug of War between WazirX and Binance
  3. WazirX Users Left at the Mercy of Circumstances

The ongoing controversy around the WazirX exchange hack and subsequent recovery of user funds has intensified after co-founder Nischal Shetty's claim that he is no longer the owner of the exchange.

Nischal Shetty’s Latest Revelation

On August 26, Nischal Shetty responded to a user on social media platform X, who suggested he sell a part of WazirX to pay back affected users. Shetty stated that he cannot sell something he no longer owns and clarified that he sold the platform back in 2019.

The Ownership Tug of War between WazirX and Binance

The controversy over WazirX's ownership has persisted since 2019 when Binance, one of the largest cryptocurrency exchanges, announced acquiring WazirX. However, their relationship soured over time. In August 2022, Binance CEO Changpeng Zhao stated that Binance has no control over WazirX's systems. Shetty refuted Zhao's claims, asserting that while WazirX was indeed acquired by Binance, operational control remains under Zanmai Labs, which is linked to him and his co-founders.

WazirX Users Left at the Mercy of Circumstances

WazirX users find themselves in a precarious position due to the ongoing ownership ambiguity and fund recovery issues. Without clear leadership and transparent ownership information, users are left dependent on Nischal Shetty's assurances. Regulators also face challenges in identifying the true owners due to the complex ownership structure involving offshore entities.

Until users recover their funds, they remain in a state of uncertainty, dependent on Shetty's word and the behind-the-scenes dealings. The question remains: who will ensure the safe recovery of lost funds?

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