WazirX users call for a Central Bureau of Investigation （CBI） inquiry following a massive hack, suspecting insider involvement and demanding accountability from the platform owners.
Points
- WazirX users demand a CBI inquiry after a $234.9 million hack.
- Suspicions of insider involvement and calls for transparency.
- Criticism of WazirX’s response to the hack and proposed compensation.
- Allegations of manipulative practices and insider trading.
Following a massive $234.9 million hack of its multi-sig wallet, WazirX, India’s largest cryptocurrency exchange, faces a wave of discontent from its users. A group of aggrieved customers is calling for a Central Bureau of Investigation （CBI） inquiry into the incident, suspecting potential insider involvement and demanding accountability from WazirX and its co-founder, Nischal Shetty.
Users have also approached the DCP South Zone of the Delhi Police, expressing dissatisfaction with WazirX’s response. They argue that the platform’s recent announcement, which proposes that customers bear 40% of the losses before any recovery or compensation process begins, is unfair and inadequate.
The petition urges for greater transparency, demanding a fair snapshot to ensure equitable treatment of traders who held INR during the hack but bought assets later. The response from WazirX has been widely criticized for unlocking only 55% of user funds, leaving the remaining losses to be absorbed by users.
Allegations of manipulative practices and insider trading have surfaced, with accusations that WazirX insiders converted their crypto assets to INR to avoid losses and profit from the situation. Users are also concerned about misleading deposits and forced asset redistribution, which could create potential tax liabilities.
解説
- Demand for Accountability: The call for a CBI inquiry reflects users’ demand for transparency and accountability from WazirX and its management.
- Inadequate Response: Criticism of WazirX’s proposed compensation highlights the need for fair and equitable solutions for affected users.
- Insider Trading Allegations: Allegations of insider trading and manipulative practices underscore the importance of ethical conduct and regulatory oversight in the crypto industry.
- User Protection: The incident highlights the vulnerabilities within cryptocurrency exchanges and the need for stronger user protection measures.
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