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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.
After the hack, unverified reports surfaced online claiming that WazirX co-founder Nischal Shetty had quietly transferred ownership of a linked UAE-based company, Shinjuku FZC LLC, to his wife. Screenshots of alleged filings circulated on social media, raising alarm among already-frustrated users. WazirX has finally responded on the rumours.
A WazirX spokesperson reached out to Analytics Insight to dismiss the claims. The spokesperson confirmed that the rumors about any transfer of ownership by Shetty were ‘completely baseless and inaccurate.’
The company emphasized that while investigations into the hack are ongoing, no such ownership changes had taken place. It further assured users that transparency and cooperation with regulators remain a priority.
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 clarifications, user concerns persist due to the lack of resolution or refund timelines since the 2024 hack. Meanwhile, Shetty continues to focus on his blockchain project Shardeum, which has drawn mixed reactions from the Indian crypto community.
The fact check confirms that the viral claims of an ownership transfer are false, but the larger issue of compensation for affected users remains unresolved.
Also Read: WazirX $235M Hack: Repayments by 2025 or 2030?
