WazirX CEO Confirms Litigation with Binance, Raising Investor Concerns
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Litigation Escalation: WazirX founder and CEO Nischal Shetty confirmed that the ownership dispute with Binance has escalated into formal litigation, raising investor concerns about WazirX's future amid increasing uncertainty in the crypto market.
- Ownership Dispute: Shetty stated that WazirX was sold around late 2019 to early 2020, but the public dispute over ownership has made the legal proceedings critical, potentially impacting the platform's operations and user trust.
- Hack Incident Impact: Following a hack in July 2024 that resulted in over $230 million in losses through Liminal's multi-signature wallet infrastructure, Shetty emphasized that the attack did not occur on WazirX's servers but through an external website, which may affect user confidence in the platform's security.
- Asset Management Commitment: WazirX has pledged to migrate all remaining assets to a new multi-signature wallet and commit to publishing a list of all new wallets post-migration to enhance transparency and restore user trust, despite Liminal's denial of responsibility for the hack.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
