Nearly a year has passed since the WazirX crypto hack that resulted in the loss of ₹2,000 crore in user funds. It remains one of the most significant breaches in Indian crypto history. Thousands of users are still awaiting answers, access to their assets, and compensation.
Adding fuel to the fire is a move by WazirX co-founder Nischal Shetty. The co-founder quietly transferred 100% ownership of Shinjuku FZC LLC to his wife. It is a UAE-based company linked to WazirX.
The transfer took place on August 13, 2024. It was never publicly disclosed to regulators, users, or the media. A company document published in The Gulf Times confirmed the change in shareholding.
The official filing showed:
Previous shareholder: Nischal Chakrapani Shetty – 0.00%
New shareholder: Moujhari Guha (his wife) – 100.00%
The lack of any public statement at a time of extreme uncertainty has triggered backlash from the crypto community.
Linked Entity Held Custodial Control, Court Finds
In a recent Singapore court ruling, Justice Kristy Tan confirmed that Zettai Pte., the parent company, held user assets in custody. This ruling contradicts WazirX’s repeated public denials regarding the holding of user funds. The court stated that the Shetty company delayed and misrepresented facts to users after the hack.
Despite the revelations, no formal investigation or interrogation has been conducted against Shetty. He currently resides in Dubai and is actively building his new blockchain venture, Shardeum. Shetty has even partnered with MEXC Exchange to promote a ‘SHM Party’ trading campaign. Thus, prompting outrage among WazirX users who have yet to recover their stolen funds.
Despite the mounting revelations, no official resolution has been offered. There are no refund timelines, no communication channels, and no regulatory closure. What began as a promise of decentralization and transparency has now evolved into a case study in avoidance, eroding trust in India’s crypto industry.
Also Read: WazirX $235M Hack: Repayments by 2025 or 2030?