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Crypto currency platform WazirX, a cyber-attack on July 19 this year in which nearly 40 lakh Indians have suffered a loss of to a tune of $230 million or Rs 19.12 billion, has moved the Singapore high court seeking a moratorium in any legal action against it and for legal protection.
According to a report in The Sunday Guardian, the issue has now raised concerns among the Indian users of WazirX whose deposits are already locked and cannot be fully withdrawn.
WazirX is a crypto currency exchange platform and it is designed to allow users to buy, sell and trade a wide variety of digital assets which includes major crypto currencies like Bitcoin (BTC), Ethereum (ETH) and many alternative currencies known as altcoins.
Many users of WazirX have shared their bank account statement online to show their financial situation while requesting the platform to let them withdraw from their crypto account.
The Sunday Guardian report quoted WazirX as stating that the company has filed an application in Singapore because the parent company is listed there.
Zanmai Labs is the private entity that manages WazirX in India, and is owned by Zettai Pvt Ltd registered in Singapore.
Meanwhile, investors in WazirX have voiced their anger on social media against co-founder and CEO of WazirX, Nischal Shetty.
One user tweeted, “You are messing with our heads Nischal. You just want to file this in Singapore so that you can safeguard yourself and your company. We are WAZIRX USERS IN INDIA. This Singapore moratorium doesn't make sense. Explain yourself.”
Another user wrote, “This is not your fathers money whatever u want to do with it. This is our hard earned money. Whatever u have said in last 3 years was all lie everything about wazirx. U have just scammed So enable crypto withdrawals.”
WazirX in its reply from its official Twitter account has told its users in a statement, ‘A townhall will be held in the week commencing 2 September 2024 to explain key features of the moratorium and the Scheme. Further details in respect of this townhall will be provided in the coming days and users will be given the opportunity to submit questions in advance of the townhall.’