WazirX Exchange Finally Establishes “WazirX Creditors Committee” Amid Ongoing Investigation into $235 Million Hack

1 month ago 7

In a significant development, the WazirX team has completed the selection of all 10 members for the newly formed “WazirX Creditors Committee,” chosen from a pool of 43,000 customers.

WazirX was a top-ranked crypto trading Indian platform, but three months ago, the exchange suspended all crypto-related services after losing $235 million worth of cryptocurrencies belonging to its customers. A hacker successfully accessed WazirX’s cold crypto wallet and drained the funds.

On 9 October 2024, a report shared by a Crypto X user indicated that a representative dedicated to voicing the concerns of WazirX customers stated that the leadership had successfully hired 10 customers for the committee. This committee aims to combat potential misconduct by WazirX’s leadership and to support the voices of customers regarding their raised concerns.

#WazirX creditors committee, consisting of 10 members, has been successfully formed, but I was not selected. If you were chosen, please send me a DM.

— Justice for WazirX Users (@IndiasCrypto) October 9, 2024

However, many customers who hoped to be selected were disappointed, given the high number of applicants—43,000 in the previous round—making the chances of selection extremely slim.

So far, there has been no official statement regarding this development from WazirX or its CEO, Nischal Shetty, raising concerns about potential delays in addressing these critical information.

Just a day prior, it was reported that Indian enforcement agencies have begun investigating the WazirX hack incident, seeking to uncover potential insider involvement. Many customers who have filed complaints against WazirX’s leadership over allegations of defrauding customers claim that insider involvement was likely necessary for such a sophisticated hack to occur. Historically, breaches of this magnitude within the crypto space have been exceedingly rare.