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UComplaints have already been raised. Like you mentioned, there’s currently no law addressing this issue, which is causing delays including the court case itself.UI am not concerned about my money (I don’t have any hope of getting it back). I have seen a lot of people who are in debt/facing issues due to this. Nischal Shetty is making people fool and I am just trying to help them out!UWhile the RBI told the court it will not regulate platforms such as WazirX, Justice Datta termed the banking regulator’s stand as “unfortunate”.
“You (RBI) may turn a blind eye to crypto, it could threaten the financial system of the country. What are you doing to regulate that,” the judge asked. – [https://economictimes.indiatimes.com/news/india/wazirx-cyberattack-delhi-high-court-seeks-response-from-government-and-rbi/articleshow/117274942.cms?from=mdr](https://economictimes.indiatimes.com/news/india/wazirx-cyberattack-delhi-high-court-seeks-response-from-government-and-rbi/articleshow/117274942.cms?from=mdr)
URecently, Bybit was also hacked, but their CEO handled it perfectly. Despite being a $1 billion USD hack, everything was fixed within 2-3 days. He went live within 12 hours of the incident, explained the situation clearly to his customers, and promptly resolved the issues.In contrast, the founder of WazirX paused all crypto transactions, did not provide any explanations, stopped responding to user concerns, and even deleted the Proof of Reserves immediately after the hack occurred.
Crypto may be risky, but in this case, trust was broken and the founder continues this pattern without hesitation! Because of incidents like this, Indian crypto platforms have gained a bad reputation, causing users to hesitate when choosing Indian exchanges.
UThe user will get 85% immediately, but it will be partially blocked (as mentioned). The 85% will be the crypto assets for which, at max, they will let 60% of 85% (best case) withdraw and is currently likely to be only 40% of 85%.They are making people fool by saying 85% will be available to users instantly once the scheme is approved but won’t let users to withdraw the total amount (which is the twist) and also not answering this question in any way.
What about the rest of the funds/assets of 85%? It will be given in 3 years, which is also subject to profit from the new platform and recovery tokens.
This story of WazirX is long and there is no clear transparency by the owners/founders.
