WazirX CEO recently shared an FBI report on the DMM Bitcoin hack incident, which indirectly hinted at a similar situation that the exchange faced during a cyber attack five months ago. This incident led to WazirX losing nearly half of its customers’ funds, resulting in the suspension of all crypto services. Currently, the leadership of WazirX is working towards obtaining regulatory approval to relaunch the exchange with a different approach.
In response to the DMM Bitcoin hack incident, WazirX CEO Nischal Shetty highlighted that the FBI’s report revealed that the hackers were able to breach the system of a third-party wallet provider. This statement indirectly suggested that a similar scenario occurred during the cyber attack on WazirX, where hackers targeted the third-party crypto wallet custody service provider, placing blame solely on the exchange.
Despite this revelation, WazirX customers have criticized the CEO for the delay in returning their funds. Many customers are eagerly awaiting the release of their funds and have urged Nischal to expedite the process. In response, Nischal stated that the distribution of funds would depend on the creditors’ decision. If all WazirX creditors vote in favor of the restructuring scheme, the exchange will be able to move forward with the process.
The proposed WazirX platform restructuring scheme initially received support from the majority of individuals. However, several crypto influencers later raised concerns, suggesting that the exchange’s motives were geared towards benefiting the company rather than its customers. This has led many customers to label the restructuring scheme as a “scam.”
The ongoing controversy surrounding the restructuring scheme leaves customers and the WazirX exchange in a difficult position. It remains to be seen how this situation will be resolved, allowing customers to retrieve their funds. Stay tuned for further updates on this evolving story.
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