More than four months after the Rs 2000 crore WazirX hack, Binance founder Changpeng Zhao finally broke his silence on Monday, saying “I told you so” to 4.4 million affected users of the hack. After an acquisition deal between Binance and WazirX went haywire in 2022, the two exchanges have had a rough fallout.
CZ’s recent remarks on Twitter, including “I told you so,” highlight the long-standing disputes over WazirX’s management and the alleged freezing of $17 million worth of user funds by Binance.
Users have demanded more than words, urging CZ to take concrete action, especially after WazirX’s hacking incident earlier this year.
Popular crypto influencer Aditya Singh expressed his frustration on Twitter stating, “Nischal & WazirX has been claiming that Binance has frozen $17 million of user funds which are now illiquid.”
And he asks for more clarification on this to CZ saying, “Will really help if you or Binance can clarify more on this.”
The controversy stems from an unresolved acquisition deal between Binance and WazirX’s parent company, Zanmai Labs. While Binance insists it never completed the acquisition due to unfulfilled obligations, WazirX maintains that Binance’s involvement created ambiguity, deepening the rift.
This unresolved ownership dispute has further complicated the fallout from WazirX’s hack, where over 50% of customer funds were compromised and laundered.
Amid regulatory investigations and accusations, including allegations of FEMA violations by Indian authorities, users feel left in the lurch. CZ’s responses, though vocal, have not addressed their fund recovery. Indian crypto stakeholders worry that the discord damages investor trust in an already vulnerable market.
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