Tag: announcements

The post WazirX CEO Clears Air on Fund Misappropriations & Future Plan appeared com. Key Highlights: WazirX CEO Nischal Shetty comes forward for an interview for the first time since the hack. WazirX users have received 85% of their portfolio value, calculated by value at rebalancing date. A cost fund was created from the remaining exchange assets. Legal and operational expenses were covered from the cost fund. WazirX, a well-known Indian cryptocurrency exchange, suffered a $234 million hack back in July 2024 that shocked the Indian crypto community. The exchange maintained internal transparency through announcements on X, but the CEO and leadership team did not make any public appearances to answer any questions directly. The community grew uneasy as many users were anxious about fund recovery and operational stability. Additionally, the exchange’s social media platform X had the comment section disabled, which limited open discussion, and this added to the uncertainty among the users. For the first time ever since the hack, WazirX CEO Nischal Shetty has come forward to answer important questions about the recovery process in an interview with Switch, an Indian podcast channel that falls under the Zee Production. In the interview, Shetty also talks about discrepancies in the payouts, use of funds for operational and legal costs and future asset protection. How Much Refund Did WazirX Users Get? In the interview, the host asked Shetty why users had not been fully reimbursed, keeping in mind that the token prices have increased since the hack. The implication was that the losses would have been recovered through market appreciation, so why were the users yet not paid back in full yet? To this the CEO replied that during the hack around $234 million was stolen, and for the remaining tokens the price appreciated. There was a user outcry to freeze their portfolio so that they do not miss out on the gains. Hence,.