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WazirX resumes operations, looks to rebuild trust
WazirX is focusing on rebuilding trust with its users and working with Indian law enforcement agencies for asset recovery and operations in the country after the crypto exchange restarted operations on October 24, cofounder Nischal Shetty said.
This comes 15 months after hackers stole $235 million in crypto assets from WazirX's wallet, leaving its customers in limbo. The company then initiated a restructuring process in a Singapore court, which approved its proposal on October 13.
Speaking to ET, Shetty said since restarting operations last week, the platform has seen Rs 50 crore in trading volumes in the past 24 hours.
“The objective is to make the process straightforward and easy for people to use the platform if they want to exit, and how do we bring liquidity,” he said.
As the company begins to rebuild its platform, Shetty said the biggest challenge is to find opportunities and get back to its No.1 position again. In the short term, Shetty said, the focus is to educate customers not to panic and to improve the user experience.
WazirX has not seen panic-selling among users yet. However, Shetty said the company is not worried about a bank run. He said as part of the restructuring, every customer asset is accounted for. Even if everyone wanted to withdraw their money, the existing $300-400 million in assets would cover it, he said. The company has 4 million users who hold assets on the platform.
User concerns
Since the hack in 2024, users have raised concerns about WazirX's move to return the money through the restructuring process. The company saw multiple legal notices in the past year from users.
Shetty acknowledged that the company saw 4-5 cases filed against it and that there is a section of people who will no longer want to trade with WazirX. “But that's a very small portion compared to the ones who are saying, let's give this platform another opportunity,” he said.
Addressing users' concern that 34% of their assets are locked, Shetty explained that this is part of the assets frozen by Indian law enforcement authorities, such as the Enforcement Directorate. The company is currently working with multiple agencies to unlock them, he added.
WazirX operations
After Shetty and other cofounders stepped back from active operations, the company has not yet appointed a chief executive. Currently, Shetty is heading the firm. He did not respond directly to questions about if he would continue or appoint someone to head the firm. “I am heading it, for now. A lot of things have to be decided. But for us, we're taking it one step at a time right now,” he said.
With the ongoing lawsuit with Binance and half of the assets gone, the company is running operations with the $12 million set aside as part of its restructuring process. “After crypto prices went up, it is now $27-28 million. As part of the scheme, we have made sure we can operate for three years,” he said.
Source: EconomicTimes
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