Crypto Community Suggests WazirX to Accept All Conditions & Hand Over Full Control to Binance
Two months ago, WazirX was a leading cryptocurrency exchange in India. However, it is currently struggling significantly, as its cold wallet was hacked by an unknown attacker 1.5 months ago. Currently, this crypto exchange is taking significant legal steps to shield itself from liabilities by seeking legal immunity in Singapore through a scheme of arrangement. This legal maneuver is intended to protect the platform from various financial obligations, raising concerns among its users.
On 13 Sep 2024, a Crypto X account dedicated to representing WazirX customers after the hacking incident reported that WazirX plans to repay users only 40-55% of their funds, beginning six months after securing legal immunity. These repayments would be distributed in small tranches of 5-10% over several months or even years. The exchange claims that offering the full 55% upfront would cripple them financially. Instead, they intend to use the remaining user funds to keep WazirX afloat and attract new users, potentially continuing a cycle of partial repayments.
According to this critic, WazirX’s strategy is designed to benefit the WazirX leadership at the expense of its customers. The platform’s survival appears to depend on attracting new users while existing customers are left waiting for their full refunds. Many believe that once users receive partial repayments, they will likely exit the platform, leaving WazirX reliant on a new influx of traders.
Settle with Binance at Any Condition
WazirX is allegedly using Binance’s reputation for personal gain, but some voices in the crypto community argue that Binance should fully acquire WazirX without any conditions. They suggest that this would allow all users to receive 100% of their funds, restoring trust and confidence in WazirX.
The suggestion is that WazirX should accept personal losses and negotiate with Binance to facilitate a full acquisition, ensuring that users are made whole. This move could help WazirX earn respect for prioritizing its users and potentially open doors for future ventures, even if it doesn’t provide immediate financial gain.
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