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WazirX CEO Shetty misleading users: Binance on ₹1,965-crore hack

Inshorts · 11m ago

WazirX CEO Shetty misleading users: Binance on ₹1,965-crore hack

World's largest crypto exchange Binance issued a statement on WazirX's ₹1,965-crore hack. Binance said WazirX and CEO Nischal Shetty are "misleading customers" about their relationship. This comes after WazirX claimed it was unable to repay customers as Binance held majority of affected wallet's revenue. "Their attempts to shift responsibility is a disappointing deflection tactic," Binance said.

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Related News

WazirX seeking capital to return funds stolen in ₹1,965-cr hack

Internet

Internet · 12m ago

WazirX seeking capital to return funds stolen in ₹1,965-cr hack

WazirX is seeking capital to return users' funds that were lost after the crypto exchange suffered a ₹1,965-crore hack. WazirX said in a virtual press conference that restructuring of its crypto balances will take at least six months and 55% of users' balances will be returned to them. "About 45% [funds] will be required as restructuring costs," the exchange said.

Not due to phishing: WazirX Co-founder Nischal on hackers stealing ₹1,965 crore

Twitter · 1y ago

Not due to phishing: WazirX Co-founder Nischal on hackers stealing ₹1,965 crore

WazirX Co-founder Nischal Shetty clarified that the platform didn't lose ₹1,965 crore to hackers due to a phishing link. "We are certain that hardware keys of any of the 3 WazirX wallets were NOT compromised," he explained. Phishing is a type of cyberattack in which attackers use emails or texts to trick people into sharing sensitive data or downloading malware.

WazirX Gets Some Respite As Singapore Court Grants Crypto Exchange Four-Month Moratorium

Inc42 · 11m ago

WazirX Gets Some Respite As Singapore Court Grants Crypto Exchange Four-Month Moratorium

WazirX, a cryptocurrency exchange that experienced a significant hack, is required to disclose wallet addresses through a court affidavit and address user queries during court proceedings. The exchange lost around 45% of its customers' funds in the hack. WazirX has filed an application with the Singapore High Court for a six-month moratorium as a response to the incident. Nischal Shetty, CEO of WazirX, believes that filing for the moratorium was a decisive step for the company.

Crypto Heist: WazirX Seeks Help From Binance To Bail Out Customers

Inc42 · 1y ago

Crypto Heist: WazirX Seeks Help From Binance To Bail Out Customers

Binance holds control over WazirX's revenue and WRX token, according to a recent report. WazirX is currently engaged in a legal dispute with Binance, and discussions between the two companies are still in the early stages. Additionally, Binance held $80 million worth of WazirX tokens during a crypto hack.

Nischal Shetty Making False Claims To Implicate Us, Says Binance

Inc42 · 11m ago

Nischal Shetty Making False Claims To Implicate Us, Says Binance

Binance stated that it is not involved in WazirX's user agreement or ownership, nor does it hold any user funds. Binance accused Nischal Shetty of attempting to mislead WazirX customers and the market with inaccurate information. This dispute follows a crypto theft incident in which hackers stole over $230 million worth of cryptocurrency from WazirX a few months ago.

WazirX criticised for plan to pass 45% of losses from ₹1,965 crore hack to all customers

Internet

Internet · 1y ago

WazirX criticised for plan to pass 45% of losses from ₹1,965 crore hack to all customers

WazirX is facing criticism after it announced a recovery plan to socialise the loss caused by ₹1,965-crore hack, in which it lost 45% of assets. Customers will be allowed to access and trade 55% of their portfolio tokens, while 45% will be locked in USDT tokens. "Making customers directly absorb the 45% losses is utter nonsense," CoinDCX's Sumit Gupta said.

WazirX To Set Up Committee Of Creditors After $234 Mn Hack

Inc42 · 11m ago

WazirX To Set Up Committee Of Creditors After $234 Mn Hack

- WazirX forms a committee of creditors (CoC) after suffering a $234 Mn hack - The committee will be comprised of 10 members, including affected users, to provide advice and feedback on the restructuring plan - A Singapore court has granted WazirX a conditional four-month moratorium - The cryptocurrency exchange is rushing to restructure its liabilities following the hack - The committee formation deadline is set for October 9th

WazirX holds plan to 'socialise' ₹1,965-cr loss from breach: Report

CNBC

WazirX holds plan to 'socialise' ₹1,965-cr loss from breach: Report

Indian crypto exchange WazirX, that recently suffered losses worth ₹1,965 crore following a security breach, has put its plan to 'socialise' the losses among customers on hold, CNBC-TV18 reported. Following customer backlash, WazirX is now reportedly open to strategic investments, mergers and acquisitions. The exchange will likely propose a new solution to recuperate the losses in next few weeks.

Crypto Heist: WazirX Makes U-Turn On Socialised Loss Strategy

Inc42 · 1y ago

Crypto Heist: WazirX Makes U-Turn On Socialised Loss Strategy

Indian cryptocurrency exchange, WazirX, has scaled back its socialised loss strategy due to strong backlash from customers. The exchange had proposed a 55-45 approach, allowing users to access and trade 55% of their cryptocurrency portfolio after a recent hack. However, this approach was criticized as unfair by many in the crypto community. As a result, WazirX has decided to slow down and reassess its strategy.

WazirX $230million hack: Creditors given two ways to recover stolen crypto -- ’extended delays till 2030 or...’ | Company Business News

Livemint

Livemint · 6m ago

WazirX $230million hack: Creditors given two ways to recover stolen crypto -- ’extended delays till 2030 or...’ | Company Business News

Indian cryptocurrency exchange WazirX, following a $230 million hack, offers two recovery options for users: approving a restructuring scheme to receive stolen funds by April 2025 or extending delays until 2030 if not approved. The scheme involves debt restructuring and token distribution. If approved, WazirX would resume operations, distributing assets and potentially collaborating for recovery. Without approval, liquidation could delay asset distribution and result in lower returns due to costs.

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