Indian Crypto Exchange WazirX to Present Restructure Plan in November, Faces Opposition from Customers

Reportedly, the WazirX leadership plans to present the exchange’s restructuring plan by November this year, but criticism has raised several concerns regarding the plan.

WazirX was once a popular Indian crypto exchange. Exchange’s services have been suspended for the last three months, as it lacks the liquidity to continue providing crypto trading services. Three months ago, WazirX experienced a hacking incident, losing $235 million worth of cryptocurrencies, leading to the suspension of its services.

On 11 Oct 2024, a Crypto X user dedicated to representing WazirX customers criticised the leadership’s decision to delay presenting the restructuring plan until November. The customers will be required to vote on the plan to bring the exchange back to normal operations with the new plan.

This X user questioned why the leadership is waiting until November and speculated that there might be something WazirX is hiding from its customers, preventing more immediate action.

Some WazirX customers have expressed concerns that the delay is intentional, accusing the exchange of wasting customer funds. Other users suggested that the exchange is manipulating its customer base by portraying 50% compensation for losses as an achievement.

Lawsuits and Legal Actions Against WazirX

Many crypto influencers have criticised WazirX’s leadership for failing to improve the situation for customers who are hoping to recover their funds during this market bull phase.

Although Indian enforcement agencies have initiated investigations into the WazirX hacking incident, customers remain pessimistic about the proceedings.

A crypto investor with legal expertise is urging affected customers to file consumer complaints against the exchange.

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