In a move that ignited criticism from WazirX users, Nischal Shetty, the founder of the Indian cryptocurrency exchange, praised U.S. President Donald Trump’s announcement to create a strategic crypto reserve, including major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL). However, his celebratory remarks were met with sharp backlash from users who are still awaiting the return of their funds following a major hack in July 2024.
The hack, which resulted in a loss of 45% of user funds, or $234.9 million (approximately Rs 2000 crore), left millions of WazirX users in limbo for the past seven months. While Shetty expressed enthusiasm for the creation of a U.S. crypto reserve, users of his own platform were quick to remind him of his responsibility to resolve the ongoing crisis affecting them.
The criticism intensified as Shetty’s public celebration of the U.S. crypto reserve came amid mounting frustration from WazirX users who have been unable to access their funds. Indian crypto YouTuber and influencer Kashif Raza criticized Shetty, suggesting he could learn from Bybit, another crypto exchange that successfully handled a $1.5 billion hack and swiftly resolved the crisis.
“How will users benefit from this new era, Nischal? Their funds are stuck with WazirX. Bybit handled a 7x larger hack and prioritized users, but here users are helpless,” said a frustrated user, Crypto with Khan. “Do something, man. Help the users who trusted you.”
The backlash highlights the contrast between Bybit’s swift action and WazirX’s ongoing issues with communication and user satisfaction. The incident serves as a reminder that trust in the crypto community is fragile, and while it can be built over years, it can be shattered in a moment.
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