It’s been nearly a year since one of India’s biggest crypto debacles left users blindsided. The ₹2,000 crore WazirX hack shook the ecosystem, but the silence from its founder, Nischal Shetty, has been louder than any response. Now, a fresh twist has reignited public outrage, a secretive transfer of ownership rights after the breach.
New revelations show that on August 13, 2024, just weeks after the massive hack, Nischal Shetty transferred 100% ownership of Shinjuku FZC LLC, a WazirX-linked company registered in the UAE, to his wife, Moujhari Guha. There were no public announcements, no user updates, and no word to regulators. Shetty reduced his stake to 0.00%, all while users were still grappling with the loss of their funds.
The transfer was quietly filed and published in The Gulf Time on August 14, just a day after the ownership change. This move happened at the very moment users were desperate for leadership, answers, and reassurance, and instead, their founder was signing off and walking away.
Adding fuel to the fire, a Singapore court has now confirmed that Zettai Pte. Ltd., WazirX’s Singapore arm, was indeed holding user assets, contradicting WazirX’s long-standing claim that it never had custody. Justice Kristy Tan’s ruling stated that the platform misled users and deliberately delayed transparency during the crisis.
As user funds remain locked with no resolution in sight, Nischal Shetty is living in Dubai, untouched by investigation, and actively working on his new venture, Shardeum.
Launched in April, Shardeum promised low gas fees and scalable smart contracts but has since crashed nearly 77% from its peak, triggering fresh backlash. Despite collaborating with MEXC and promoting a “SHM Party” campaign, he has offered no accountability for the WazirX mess.
With no answers, no refunds, and no justice, the community’s patience is wearing thin because every new detail only confirms that those responsible have already moved on.
The WazirX hack, one of India’s biggest crypto debacles, occurred in July 2024, resulting in a loss of ₹2,000 crore (approximately $230 million) in user funds from the exchange.
Users are outraged because their funds remain locked with no resolution, accountability, or refunds from Nischal Shetty, who quietly transferred ownership and launched a new venture while they await justice.
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