Krutika Adani
WazirX co-founder Nischal Shetty claimed that the exchange’s servers. Binance handled the WazirX servers, website, crypto-to-crypto transfers, and crypto withdrawals, while his company, Zanmai Labs, only controlled crypto-rupee operations.
Binance Labs claimed that WazirX was shifting its responsibility to make it look like Binance was somehow responsible for repaying its customers.
Nischal Shetty, owner of Zanmai Labs and co-founder at WazirX, said that the exchange was acquired by Binance, which the latter denies. The dispute over WazirX’s ownership has cropped up in the past, too.
WazirX’s legal team has confirmed that they have located some of the funds and expect only a 57% recovery.
On 8 July 2024, WazirX’s hot wallet was drained, and $230 million worth of crypto funds were stolen.