The post WazirX Bankruptcy Rumors: Could It Be True or Just Another Crypto Gossip? appeared first on Coinpedia Fintech News
A series of rumours about WazirX’s upcoming bankruptcy has already started buzzing within the Indian community on various platforms.
Your turn at a glance WazirX, once a giant in the Indian crypto market, gets caught up in rumours of strategic departures led by its co-founder Nischal Shetty. Despite the fact that there has not been an official confirmation, the listed moves suggest the tactful process of planning an exit in which users are left to their fate.
The Binance-Wazirx Saga: A Dispute Without Resolution
At the center of all these is the WazirX ownership controversy with Binance which has raged on without much explanation. While both parties are publicly connected, neither has moved to enforce legal separation and the future solvency of WazirX remains decidedly unclear. This stalemate comes at the same time the Indian authorities have stepped up the heat with investigations through the Enforcement Directorate (ED) to further the exchange’s agony.
Red Flags: Nischal Shetty’s New Ventures
Some skeptics are giving more recent projects of Nischal Shetty such as Shardeum and Pi42 as clear indication of planning in advance for a shift paradigm. Unlike other giants like the Binance where most activities are centralized, Shetty has decided to create multiple platforms, making WazirX users wonder whether he is still committed to his own startup.
Critics say such actions are part of a broader plan to start afresh, possibly moving on to a DEX and washing off hands from WazirX emanating liabilities.
What’s the Endgame?
Rumours suggest a troubling scenario where there are few possibilities;
- New DEX and token schemes: First, WazirX customers could be redirected to a new DEX with “recovery tokens” and bonus perks like the WRX token did earlier.
- Partial fund recovery: It meant that users could get only a part of the claims, to let WazirX declare the best of all states.
Indian crypto enthusiasts are calling for alertness, they want WazirX’s top personnel to come clean about their operations. These developments could prove disastrous to India’s fast-growing crypto industry, especially if the crypto giant is on the brink of bankruptcy.
As of now, WazirX future still remains questionable and the Indian crypto community closely observes the events taking place. If these are rumors, how far will they go penetrating the industry, or is this another wave of rumor mills? Time will tell.
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