WazirX CEO Defends Integrity, Cites 2-Year-Old Tweet to Justify Helplessness Amid Ongoing Crisis

On Sep 14, 2024

Nischal Shetty quoted a tweet to provide evidence explaining why he is currently unable to compensate customers who suffered losses due to the hacking incident.

As we know, the popular Indian crypto exchange’s cold wallet was compromised two months ago by an unknown hacker. The WazirX leadership has filed a criminal case against the hacker in a court in Singapore, as the backend company belongs to Singapore. Additionally, another case is ongoing against Binance over the dispute between both crypto exchanges regarding the actual ownership of WazirX.

Since last month, several crypto influencers have expressed intense frustration with WazirX CEO Nischal Shetty, as the WazirX leadership has struggled to find a perfect solution. As per many experts’ opinions, the restructuring plan for the exchange will not take place until the Binance vs. WazirX case is resolved.

A Crypto X user shared a screenshot of a 2-year-old tweet exchange between WazirX CEO Nischal and a crypto influencer, where Nischal confirmed that all types of revenue go to Binance crypto exchange.

🚨Dear, @CryptooAdy bhai,in 2022.

Nischal clearly say;
binance charges all the fees of crypto-crypto trading,crypto withdrawals 😳

Ady bhai's reply;
thanks for clearing..

again Ady bhai;
who controlled #WazirX token

Nischal's reply;
all with Binance 🤯 pic.twitter.com/IMbDSWLIMQ
— A͛mol🗿 (@AmolJagde) September 13, 2024

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Nischal quoted this tweet and stated that he has never lied to customers and always speaks the truth.

I’ll always state the truth 🙏❤️ https://t.co/FJCfaoMvxb
— Nischal (Shardeum) 🔼 (@NischalShetty) September 13, 2024

With this statement, Nischal indirectly tried to explain that all the revenue generated by the WazirX crypto business went to Binance, and this is the main reason why WazirX leadership is unable to implement a solution that requires significant financial resources.

Previously, many crypto influencers questioned why the WazirX leadership was not using the money generated by WazirX. Now, Nischal’s response offers a likely answer to those questions. It will be interesting to see how long it takes for the WazirX vs. Binance dispute to be resolved.

Recently, some people across the X platform suggested that the WazirX leadership hand over full control of WazirX to the Binance team by accepting all the conditions.