Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
WazirX Users Demand ED Probe, Seek Nirmala’s Attention

WazirX Users Demand ED Probe, Seek Nirmala’s Attention

CryptotimesCryptotimes2024/09/10 18:06
By:Rajpalsinh

In a letter addressed to Nirmala Sitharaman, WazirX users from India are also accusing Nischal Shetty of socializing their losses under foreign legal protection.

In the latest development in the WazirX hack, a group of advocates filed a formal representation to the Finance Minister of India, Nirmala Sitharaman, demanding a thorough investigation by the Enforcement Directorate (ED) into the country’s biggest crypto hack of over Rs 2000 crore. 

In a letter addressed to Finance Minister Nirmala Sitharaman, the aggrieved users have accused Nischal Shetty, co-founder of WazirX, and his associates of executing an “insider fraud” through a cyber hack on July 18 that resulted in loss of 45% user funds.

Representation to the Hon'ble Finance Minister of India @nsitharaman @nsitharamanoffc regarding the thorough and time bound investigation of India's biggest Digital Assets robbery of Rs 5000 cr from Enforcement Directorate @dir_ed @KapilSibal @RahulGandhi @PMOIndia @HMOIndia pic.twitter.com/YLb6ZRc6iX

— eVAKEEL (@evakeel24) September 10, 2024

In their representation, the WazirX users have called for the Indian government and the ED to investigate the matter thoroughly, arguing that Shetty and his team are responsible for the security breach and poor handling of this case. The same group had also written a letter to Chief Justice of India DY Chandrachud requesting his intervention in the case.

The users have also claimed in their complaint that the management of “cold wallet” of the exchange falls directly under Shetty and others associated with WazirX.

The complaint also highlighted the attempt by Shetty’s team to impose Singaporean legal frameworks on Indian users, claiming it undermines Indian law, as an overwhelming majority of WazirX users are Indian citizens.

The demand for an ED investigation adds a new dimension to India’s already complex relationship with cryptocurrency regulation. As the Finance Ministry under Nirmala Sitharaman levies 30% tax and 1% TDS on crypto gains, they can not ignore these kinds of situations where over Rs 2000 crore are at stake.

Follow The Crypto Times on Google News to Stay Updated!
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

FBI raids home of Polymarket CEO Shayne Coplan

Cointelegraph2024/11/14 10:11

STEEMUSDT now launched for futures trading and trading bots

Bitget has launched STEEMUSDT for futures trading with a maximum leverage of 50, along with support for futures trading bots, on November 14, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. STEEMUSDT-M perpetual futures: Parameters Details Listi

Bitget Announcement2024/11/14 10:00