WazirX Founder Transfers 100% Ownership Amid Hack Fallout

In a surprising turn of events, Nischal Shetty, the founder of WazirX, has transferred 100% ownership of Shinjuku FZC LLC, a WazirX-linked company registered in the UAE, to his wife, Moujhari Guha. This transfer, which occurred on August 13, 2024, just weeks after a massive hack that left users reeling, was done without any public announcements, user updates, or notifications to regulators. The transfer was quietly filed and published in The Gulf Time on August 14, leaving users in the dark about the significant change in ownership.

This move comes at a time when users were desperately seeking leadership, answers, and reassurance following the hack. The lack of transparency and communication from Shetty has only added to the public outrage and frustration. The transfer of ownership rights has reignited public anger, with many users feeling betrayed and abandoned by their founder.

Adding to the controversy, a Singapore court has confirmed that Zettai Pte. Ltd., WazirX’s Singapore arm, was indeed holding user assets. This contradicts WazirX’s long-standing claim that it never had custody of user funds. Justice Kristy Tan’s ruling stated that the platform misled users and deliberately delayed transparency during the crisis, further fueling the backlash against the company.

As users continue to wait for a resolution and refunds for their lost funds, Nischal Shetty has moved on to 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. Despite collaborating with MEXC and promoting a “SHM Party” campaign, Shetty has offered no accountability for the WazirX mess, leaving the community with no answers, no refunds, and no justice.

This latest development has only served to confirm the community’s fears that those responsible for the WazirX hack have already moved on, leaving users to bear the brunt of the losses. The lack of transparency and accountability from Shetty and WazirX has eroded trust in the platform and raised questions about the future of the company. As the community’s patience wears thin, it remains to be seen how WazirX will address the concerns and demands of its users.