CZ indirectly said that he had already done everything he could regarding the problems associated with the WazirX crypto exchange. Many WazirX customers are now forcing CZ to interfere in this matter to improve the situation of customers.
Changpeng Zhao (CZ) is the co-founder and former CEO of Binance, the top-ranked crypto exchange. This year, he resigned as CEO of Binance and served a four-month prison sentence as part of a deal with US authorities over charges against the Binance exchange. Binance faced charges because the exchange provided cryptocurrency trading services in the US jurisdiction without any registration with any financial regulatory body in the US. Although there was no evidence to prove the charges against Binance, CZ admitted to all charges and decided to reach an agreement with a fine of 4 billion dollars and a sentence of 4 months in prison.
On December 2, 2024, a Crypto
CZ responded to that tweet and said that he was not aware of the incident that occurred with WazirX, as he was in prison at the time, and also said that he had already warned people about WazirX.
An Indian crypto influencer, Aditya Singh, urged CZ to speak about cryptocurrencies worth $17 million belonging to the WazirX exchange, seized by the Binance exchange. So far, CZ has not responded; He probably ignored it or the tweet failed to catch CZ’s attention.
Many other Indian Crypto influencers urged CZ to interfere in this matter as Binance can resolve the matter and help revive the platform.
Binance and WazirX
In late 2020, Binance announced the acquisition of the WazirX exchange, but later in 2022, Binance co-founder CZ clarified on X that the acquisition work was never completed because WazirX leadership did not cooperate. At that time, CZ terminated all services and relationships with WazirX.
In July 2024, WazirX exchange faced a hacking incident and in that incident, the exchange lost almost 50% of customer funds. Interestingly, the unknown hacker hacked the exchange’s cold wallet, which remains a big mystery. Until now, many people claimed that the hacking incident was pre-planned, but no evidence regarding such allegations has come into the public domain.
For the last 4 months, the services of this exchange have been suspended and the management is working on a restructuring plan, but in reality, what they are doing is totally unknown to WazirX clients.
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