WazirX crypto exchange completed the voting process for its controversial Exchange Recovery Scheme. Some crypto influencers claimed that WazirX leadership is paying money to influencers to spread positive responses around WazirX-linked development.
Summary
- WazirX crypto exchange successfully conducted a 10 days vote event for the Restructuring Scheme.
- Crypto influencers accused WazirX of paying money to influencers for paid promotion.
- NCDRC dismissed the WazirX lawsuit because of the absence of any crypto regulatory law in the country.
WazirX was a top-ranked crypto exchange in the Indian crypto market, but unfortunately, in the middle of 2024, the exchange faced a hack attack and lost $230 million worth of cryptocurrencies. After 5 days of the hack attack, the services of this exchange were suspended.
On 28 March 2025, WazirX exchange successfully completed its 10 days vote event for its recovery scheme, from 19 March to 28 March 2025. But it is unconfirmed whether the majority of the customers voted in support or against the scheme.
WazirX CEO Nischal Shetty responded with a tweet, showing a person standing in front of a god temple, to show that he is currently wishing for the best to happen soon.
As per official information provided by the WazirX leadership, a third-party independent team will check the vote result. That means WazirX exchange follows a transparent approach to maintain trust and confidence with the customers.
If the majority voted in favour of the restructuring scheme, WazirX will seek court approval. With court approval, the exchange will be able to return funds to customers. If everything goes smoothly, customers may start receiving their funds by the end of April 2025.
Wazirx Pays Crypto Influencers for Promotion Amid Crisis
A popular Indian crypto influencer, Pushpendra Singh Kushwaha, claimed that the majority of the crypto influencers are talking in favour of the WazirX exchange because they’re getting promotional money from WazirX.
Pushpendra also claimed that he received a Wazirx paid promotion invitation, but he rejected it to stand with WazirX creditors.
Reportedly, the WazirX CEO is blocking Crypto X users, who are asking genuine questions about the restructuring scheme.
Through another tweet, a Crypto influencer asked his followers whether they would trust WazirX’s decentralized crypto exchange. The response showed that the majority of the users said yes.
WazirX Lawsuit Dismiss
As per the latest media reports, the Consumer Court (NCDRC) dismissed the lawsuit filed by a WazirX creditor against WazirX in the absence of rules & laws for digital assets.
NCDRC president Justice AP Sahi said that India lacks specific laws to regulate or address claims related to the WazirX case. He emphasized the need for parliamentary action and called for the involvement of FIU and the Indian Cyber Crime Coordination Centre.
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