WazirX Releases Creditor List; Binance Dispute Intensifies as CEO Accusations Fly

Indian crypto exchange WazirX has shared an important update. It published the creditor list and user balance snapshot on July 18, 2024. This is part of its restructuring process in Singapore.

The move comes after a huge hack on July 18 last year. Hackers stole $230 million. Investigations confirmed North Korean hackers were responsible.

WazirX Releases Creditor List and Balances

WazirX confirmed that creditors can now check their claim amount in USD. They need to use a unique UUID. The list is sorted by claim value and is easy to search. Users can also use the ‘Find My Balance’ option.

Investors can view their account balance from July 18, 2024, at 1 PM IST. They can check token balances and deposits made after the hack.

Some users appreciated this step. Others questioned the delay in the restructuring vote. Many investors are still worried about their stuck funds.

Also Read: Sensex Plummets: Indian Stock Market Crashes by 1200 Points – Major Losers

Binance vs. WazirX: A Battle of CEOs

The conflict between Binance and WazirX has taken a new turn. Binance CEO Changpeng Zhao accused WazirX of being uncooperative. He said Binance never owned equity in Zanmai Labs, WazirX’s parent company. He also claimed that WazirX refused to give Binance control, even after a deal was finalized.

This sparked a public dispute between the two CEOs. WazirX CEO Nischal Shetty quickly responded. He questioned Binance’s corporate structure. He said Binance gave an unclear response when asked about its parent entity. He asked, “Can Binance name the parent entity?”

Shetty explained the business structure of WazirX. He said Zanmai Labs licensed WazirX’s technology for the INR market. Binance manages crypto-crypto trading, deposits, and withdrawals. However, Zanmai Labs controls INR-crypto transactions.

This controversy has left many investors confused. People are still wondering who truly controls WazirX. The ongoing dispute raises serious concerns about transparency in crypto exchanges.

Enforcement Directorate’s Investigation and Money Laundering Allegations

The conflict between Binance and WazirX worsened after India’s Enforcement Directorate (ED) made a shocking discovery. ED found Rs. 64.67 crores at the homes of Zanmai Labs’ directors.

ED accused WazirX of helping 16 fintech companies involved in money laundering through cryptocurrency transactions. 

This raised serious concerns about WazirX’s operations. Following this, Binance CEO Changpeng Zhao reacted strongly. He said he wanted to shut down WazirX. However, he refrained because 10 million users had invested through the platform.

Also Read: ‘Ne Zha 2’ Box Office Records: Chinese Animated Film Soars Past $1 Billion

Despite this, Zhao assured full cooperation with ED. He said he wanted to ensure smooth operations and support legal investigations.

This controversy has made investors nervous. People are now questioning the security of their funds on WazirX. The crypto community is waiting for more updates on this case.

Who Controls WazirX? The Ownership Puzzle

Amid the ongoing confusion, new ownership details have emerged. Zettai Pte Ltd, based in Singapore, now owns 99.99% of WazirX. The company is controlled by the founders: Nischal Shetty, Siddharth Menon, and Sameer Mhatre. 

Shetty keeps the remaining 0.01% stake. With millions of dollars in crypto investments on the line, the dispute between WazirX, Binance, and regulatory bodies continues. Investors are anxiously waiting for updates on withdrawals, platform control, and restructuring.