WazirX Co-Founder Addresses Exchange Ownership and Operations Amid Dispute

Nischal Shetty, co-founder of Indian cryptocurrency exchange WazirX, recently discussed the platform’s operational status and ownership amid ongoing disputes.

During an exchange on X with Indian crypto influencer Pushpendra Singh, Shetty clarified that he is currently managing the platform on behalf of the involved parties while the dispute remains unresolved.

Pushpendra had raised questions about how completed trades were reversed back into cryptocurrency, the lack of admin access during this process, and Shetty’s role in these decisions.

In response, Shetty explained that they are handling the platform temporarily until a resolution is reached but refrained from disclosing further details due to confidentiality.

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Regarding user withdrawals, Shetty mentioned that more information about the restructuring process will be shared soon. He suggested that a community discussion will follow to provide a clearer timeline for resolving the situation.

WazirX recently faced significant operational challenges, including a halt in crypto withdrawals due to large INR (Indian Rupee) freezes. The exchange has since resumed INR withdrawals at a reduced fee, allowing users to withdraw up to 66% of their INR balances. This move comes after WazirX experienced a $230 million hack in July, which had a severe impact on its operations.

Alexander Stefanov