Following last year’s hacking incident at cryptocurrency exchange WazirX, founder Nischal Shetty has found himself at the center of a scandal due to his unexpectedly secretive actions.
The Quiet Exit of Nischal Shetty
On August 13, 2024, Nischal Shetty transferred 100% stake in Shinjuku FZC LLC, a WazirX-linked company, to his wife, Moujhari Guha. This transfer occurred just weeks after a severe hack that resulted in the loss of ₹2,000 crore. There were no public announcements and no updates for regulators.
Singapore Court's Ruling
A Singapore court confirmed that Zettai Pte. Ltd, WazirX’s Singapore branch, was indeed holding user assets, contradicting WazirX's previous claims that it never had custody. Justice Kristy Tan noted that the platform misled users and deliberately delayed transparency during the crisis.
Users' Future and Shetty's New Ventures
Now living in Dubai, Nischal Shetty is moving forward with his new project, Shardeum, launched in April, which promised low gas fees and scalable smart contracts. However, the project has since fallen nearly 77% from its peak, while WazirX users remain without answers or refunds. The community's patience is wearing thin as there is no accountability from Shetty for the issues surrounding WazirX.
Amid ongoing uncertainty and lack of clarity regarding the fate of user assets, the community's patience is fading. Each new detail only confirms that those responsible have already moved on with their lives.
