Recently, the CEO of WazirX found himself in the midst of a new controversy surrounding the extension of the exchange’s refund restructuring period. This comes after the exchange successfully secured court approval to implement its restructuring scheme, with a request for an additional 4 months to extend the restructuring and refund process.
The decision to extend the timeline for refunds has sparked outrage within the Indian crypto community, with many individuals accusing WazirX of prioritizing individual benefits over the interests of its creditors. In response to these allegations, a user named Crypto X directly addressed WazirX CEO Nischal Shetty, seeking clarification on the matter. Shetty explained that while the court has mandated a meeting within the next 3 months, the exchange plans to expedite the process for the benefit of all parties involved.
However, this response did little to appease the frustrated creditors, with many taking to social media to express their disappointment. One user criticized Shetty for seemingly evading the main question and accused the exchange of playing with investors’ emotions. The sentiment among WazirX creditors is one of growing impatience and distrust, particularly regarding the delay in releasing customers’ funds deposited post-hack incident.
The situation has also drawn the attention of prominent figures in the Indian crypto space, with a popular YouTube channel host expressing concern over the impact of such delays on the sector’s reputation. Additionally, a crypto influencer highlighted the lack of transparency from the WazirX team, noting a lapse in updating crucial data related to the exchange’s Scheme Timeline Calculator and Proof of Reserve for User Funds.
As the controversy surrounding WazirX’s refund restructuring continues to unfold, it is clear that stakeholders are growing increasingly frustrated with the lack of progress and transparency. The exchange’s reputation and credibility are on the line, and it remains to be seen how WazirX will address these concerns and regain the trust of its customers.