Crypto is scam not because of the tokens, coins, nft tech. Because of the degenerate founders, lack of good regulation and scam artists.

Agree, but the success of any technology is directly correlated to the most widely used application of the technology - these web3 founders are degen globally

Investor

Tech Lead

Founder

Someone had posted earlier no? That the scam reeks of internal money siphoning :-/

Hardware Engineer

Private Equity

Product Manager

I am paying 10k tax on a transaction, which is sitting as Usdt in my wazirX wallet. 
 Do I get 55% of that now, what the actual fuck.

Software Developer

Govt made it very clear at the start that they are not in favour of regularising any crypto , but I wonder why don’t these crypto exchanges had theft Insurance taken for the money they were handling , I am sure they had but who will talk about it now . This socially welfare scheme they are talking about is bulshit

The worst part is we are paying tax on crypto but govt is not interfering in cases like this

Software Engineer

Taking a page from the Govt playbook. Taxing middle class on 30% and giving freebies to lower class for rallies and votes instead of infra development.

God, they ensured all users are hurt, not a few.  
  
 Not sure if that’s better or worse

I have more security with my keys than these people holding millions

So basically to make the losses to others ‘equitable’ I’ll only get 55% of my holdings?  Looks like WazirX is playing Robin Hood in reverse  stealing from everyone to give to... well, themselves pr...

Welcome to Indian Startups's Private Community

So basically to make the losses to others ‘equitable’ I’ll only get 55% of my holdings?

Looks like WazirX is playing Robin Hood in reverse - stealing from everyone to give to... well, themselves probably.

What the fuck - how’s this legal?

Wtf is WazirX upto

Wtf is WazirX upto- Grapevine

Welcome to News Discussion's Private Community

- WazirX customers unlikely to recover full funds after $234 million hack in July, says legal adviser.
- At least 43% of customer funds are unlikely to be recovered, with best case scenario being a return of 55% to 57%.
- WazirX seeks six months' protection from Singapore High Court while restructuring liabilities.
- Company in talks to share profit from revenue-generating products but no concrete details provided.
- Pressure mounts as CoinSwitch initiates legal action to recover $9.7 million worth of assets stuck on WazirX's platform. 

 Source: [Techcrunch](https://techcrunch.com/2024/09/02/customers-of-indian-crypto-exchange-wazirx-unlikely-to-recover-full-funds/)

WazirX Customers Face Major Losses After $230M Heist

Journalist

- The FBI has reached out to WazirX to investigate the cyberattack, allegedly involving North Korean hackers, as the firm continues its recovery efforts."
- WazirX's proposed recovery strategy following a $230-million hack has been met with criticism from both customers and crypto influencers.
- The exchange revealed that 45% of its holding assets were lost in the breach, prompting a 55/45 approach to asset access and trading.
- Customers can vote on two proposed recovery options until August 3, but many find the 55/45 strategy unfair.
- Under the plan, 45% of remaining tokens will be converted to stablecoins (USDT) and locked, potentially reducing overall portfolio value.
- The exchange briefly restarted trading, allowing access to 55% of portfolio tokens regardless of whether assets were stolen. 

 Source: Moneycontrol, Techcrunch

WazirX Recovery Plan Faces Backlash After $230-Million Hack

- WazirX has **removed a YouTube video** where it promised to share 100% of future crypto price appreciation profits with users.
- The video featured George Gwee, director of Kroll, the legal entity managing WazirX's restructuring after a **$230 Mn breach**.
- The video's removal has caused frustration among users, especially after WazirX promised fairness in a Singapore court.
- In a second townhall, WazirX clarified they would not share past profits under the new restructuring scheme.
- This comes as WazirX plans to form a **Committee of Creditors** by October 9 to restructure its liabilities following the hack.

Source: [Inc42](https://inc42.com/buzz/wazirx-takes-down-video-promising-crypto-users-of-full-profits/)

WazirX Retracts Promise of 100% Crypto Profit Sharing

- WazirX, one of India's largest cryptocurrency exchanges, has temporarily suspended all trading activities after losing about $230 million in a security breach.
- The cyber attack compromised WazirX's ability to maintain a 1:1 collateral ratio with assets, raising concerns about the adequacy of its reserves.
- Customer withdrawals were suspended after an attacker accessed one of the exchange's multi-signature wallets, which was protected by six signatories.
- WazirX announced a bounty program of up to $23 million to recover the stolen assets, with risk-management platform Elliptic linking the attacker to North Korea.
- The breach is significant, as WazirX reported holdings of about $500 million in its June proof-of-reserves disclosure, calling the event a 'force majeure.' 

 Source: Techcrunch, Moneycontrol

WazirX Halts Trading After $230 Million 'Force Majeure' Loss

Founder/ Fraudster Nishchal didn't utter a word about this 🤡.

WazirX India Pave Path to End Crypto Exchanges in India

Category Manager

- CoinSwitch announced plans to take legal action against WazirX to recover 2% of its trapped funds.
- The company held INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX.
- WazirX experienced a major security breach on July 18, leading to withdrawals of approximately $234.9 Mn.
- CoinSwitch claims WazirX has not responded to their queries, prompting the legal action.
- Inc42 has reached out to WazirX for comments and will update the story based on their response. 

 Source: [Inc42](https://inc42.com/buzz/coinswitch-to-file-lawsuit-against-wazirx-to-recover-stuck-funds/)

CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds

Welcome to Personal Finance's Private Community

Crypto experts need your take on below 
1) Best platform for crypto trading in India?
2) Best crypto to invest in? Ethereum is my best bet due to its underlying applicability. 
3) Is now a good time to invest in crypto?

Best platform for crypto trading in India

Before people jump into validation mode, I thought let’s do something ulta (opposite)🙃

Pick one of your worst investment mistakes (it can be a stock, RE, ULIP, relationx blah blah) 

My inputs - During 2021/22 real estate boom, I picked a real estate stonk (india bulls) as I thought it’s a growing sector and company will become beneficiary after all the sins they have committed in past. Bam! Over next 5 months stock crashed ~50% 🥲

FriYaY is Investment day on GV!

- WazirX's parent company Zettai Pte filed moratorium application in Singapore High Court on August 27
- Move seeks 'breathing space' for restructuring liabilities under scheme of arrangement
- Application follows $234.9M crypto heist last month, representing 45% of user funds
- Company plans to allocate impact of cyberattack pro-rata across users as unsecured creditors
- WazirX expects at least six months to consider restructuring plan and work with stakeholders 

 Source: [Inc42](https://inc42.com/buzz/wazirx-files-moratorium-application-before-singapore-court)

WazirX Files for Moratorium in Singapore Court After $230M Hack

Which is the best crypto investment platform

I think this is CoinSwitch Kuber and WazirX, but I could be wrong. But to be safe, if you have money there, you should leave.
If anybody has figured a good way to do this process, can you please share as well?

Folks, please get off of Indian crypto exchanges - hearing there’s about to be a fund seize

Corporate Strategist

Almost 40 lakh Indians lost money to the WazirX hack and I feel this is not discussed much. Also no action from authorities. 

They just burned millions of Indians and there isn’t much notice. How it’s still operating? After all we pay taxes on crypto investments but there isn’t any regulation or protection? I mean why hell tax is for. 

This is just plain stupid. Finance Ministry is probably the most fuc*ed up ministry right now I think. 

Why the founder not in legal soup?

WazirX Hack - the shitstorm gonna hurt bad

Welcome to Fintech India's Private Community

Hey developers@WazirX, CoinDcx and others I have plenty of questions. Others please resonate with me if you have faced the same. 

The listing takes places so late as compared to ither international exchanges. This leads to a massive lag(for the lack of better word) in hopping onto listing gains train. Any particular reason? 

Now that the bull run is about to come back and botht he number of users and transactions are increasing, everyday exchanges keep going down. I mean it's not like you guys are new or something and it's getting really really annoying to say the last at this point. Please hire good developers (no, I'm not one of them and wouldn't like to work for an exchange either)

Any suggestions from the Grapevine community for alternatives ?

Indian crypto platforms

Annoying re kyce every few months. 
And bastards have very specific requirements of doc uploads. U have to have original pan card with you and only take its photo. No existing screenshots or soft copies work.

Before this it happened twice.
Once because they would not verify an uploaded Aadhar card scanned copy. Kept saying they couldn't read it. Same thing worked everywhere else.

And before that they locked me out because of ProtonMail ban.

Some dude called satvik vishwanath built this louda platform tbh (sorry).

Is Unocoin the worst crypto platform ever?

Data engineer

The allure of startup investment is undeniable – the chance to be a part of something groundbreaking, to nurture innovation, and to potentially reap substantial financial rewards. However, for every success story, countless tales of caution highlight the inherent risks associated with this high-stakes game.

The Due Diligence Dilemma
While many angel investment/ crowd-funding platforms tout their rigorous due diligence processes, concerns linger about the consistency and effectiveness of these measures. Given that these platforms invest at a very early stage, investing in Enterprise Tech, and FinTech businesses at this stage is highly risky without the time-consuming and resource-intensive nature of thorough due diligence, it's crucial to understand whether these platforms are adequately screening potential investments to minimize the risk of fraud or failure.

Platform Self-Investment: A Conflict of Interest?
A couple of angel investment/ crowd-funding platform raising money for itself using its platform raises eyebrows. This inherent conflict of interest raises concerns about the platform's impartiality and its ability to objectively evaluate potential investments.

I invite you to share your thoughts and experiences on angel investing/ crowd-funding platforms. What are some of the challenges and opportunities you have encountered? What advice would you give to others considering angel investing/ crowd-funding platforms?

Angel Investment/ Crowd Funding Platform - A Maze of Risks & Red Flags

Which app are you using to buy crypto ?

Fintech startup Wint Wealth laid off around 20% of its workforce in an internal restructuring exercise earlier this month

Wint Wealth Fires 20% Of Its Workforce In A Restructuring Exercise

Wint Wealth lays off 20% workforce :(

Wazirx went through a massive theft recently where a lot of coins were stolen. Wanna know How much grapeviners money is stuck.

Wtf is WazirX upto

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