The Sambhal police have stepped up their efforts against Jawed Habib, a famous hairstylist, and his family for allegedly defrauding more than 100 individuals out of crores of rupees. Nineteen fresh cases were recently filed, bringing the total number of complaints against Javed Habib and his son Anas Habib to 20.
The wife of Jawed Habib, who was purportedly the originator of the fake company, has also been implicated in police investigations. To stop Habib’s family from fleeing the country, authorities have issued lookout notices against each individual. Additionally, Javed Habib has been called to Sambhal to be questioned. Police officers will shortly visit the family’s homes in Delhi and Mumbai after gathering information about their riches.
Police’s Version in Habib’s Case
Police claim that Habib and his son enticed investors at a 2023 event held at Royal Palace Venkat Hall in Sambhal’s Sarayateen neighbourhood under the auspices of FLC (Follicle Global Company). Approximately 150 individuals were promised 50–75% profits on their Bitcoin and Binance Coin investments.
According to reports, each investor contributed between INR 5 and INR 7 lakh, culminating in fraud that affected over 100 individuals. Investors went to the police after a year had passed with no returns. Allegedly, Habib, his son, and others closed down the business and fled.
After victims filed the initial complaint at the Raysatti police station, Superintendent of Police KK Bishnoi promised the victims that their money would be recovered and that action would be taken.
Habib’s Cases Filed Under Sec 420 & 506 of IPC
Nineteen further cases were brought against Jawed Habib, his son, and Saifullah, who had previously been in charge of Habib’s Sambhal operations, as a result of further investigations. Sections 420 and 506 of the IPC have been used to file cases, and investigators assume Habib’s wife was instrumental in the business.
According to SP Bishnoi, the estimated financial theft is between INR 5 and INR 7 crore. Under Section 107 of the CrPC, police teams have been directed to investigate Habib’s properties in Delhi and Mumbai. Should chargesheets be filed, the Gangster Act would be used, which includes seizing the property.
Quick Shots
•Total cases against celebrity hairstylist Jawed
Habib, his son Anas Habib, and associates now stand at 20.
•Accused of defrauding 100+ investors of INR 5–7
crore through a fake crypto investment scheme.
•Promised 50–75% returns on Bitcoin and Binance Coin
investments under FLC (Follicle Global Company) in 2023.
•Investment drive held at Royal Palace Venkat Hall,
Sambhal.
•Company shut down, and accused allegedly fled after
collecting funds.
As part of its investigation into the INR 6,600 crore GainBitcoin cryptocurrency scam, the CBI carried out coordinated nationwide searches at 60 locations on 25 February, according to officials. A CBI spokeswoman stated in a statement that the searches, which targeted locations allegedly connected to important accused individuals, were conducted in several cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru. The authorities claimed that Amit Bhardwaj, who is no longer alive, and his brother Ajay Bhardwaj were the masterminds of the ponzi scheme, which was carried out through a network of platforms, including the flagship website www.gainbitcoin.com. They said that the illegal enterprise, which was started in 2015, was disguised as Variabletech Pte. Ltd.
How Scheme Attracted the Investors?
Over an 18-month period, the scheme enticed investors with spectacular profits of 10% per month in Bitcoin, enticing them to buy the cryptocurrency from outside exchanges and deposit it with GainBitcoin through “cloud mining” contracts, according to the central agency. The spokesman went on to explain that the model used a multi-level marketing (MLM) structure, which is frequently linked to pyramid-structured Ponzi scams, and that rewards were reliant on attracting new investors.
Investors were paid in Bitcoin in its early days, creating the appearance of a successful business. But by 2017, the illusion was starting to fall apart as the flow of fresh funds decreased. The allegation added that GainBitcoin unilaterally changed payouts to its own in-house cryptocurrency, MCAP, which was much less valuable than Bitcoin, in an effort to conceal the losses, further deceiving investors.
Multiple FIRs Filed
Due to the scam’s immense scope and complications, several FIRs were registered and filed throughout India, ranging from Delhi to West Bengal and from Maharashtra to Jammu & Kashmir. Given the scope of the operation and its global implications, the Supreme Court assigned the inquiry to the Central Bureau of inquiry (CBI).
According to the statement, the CBI took over these cases and is now carrying out a thorough and all-encompassing investigation to determine the full scope of the fraud, identify all persons involved, and track down the money that was embezzled, including transactions that took place abroad. In order to determine the entire scope of the fraudulent actions, find all people involved, and track down the embezzled money—including any that may have crossed international borders—the agency has started an investigation. According to the Central Agency, a small number of cryptocurrency wallets, digital gadgets, and damning material were found during searches. Additionally, the evidence found in emails and cloud storage has been confiscated.
According to a prominent media outlet, Vishesh Khurana, a cofounder of Shiprocket, has been appointed as an advisor by San Francisco-based cryptocurrency trading platform Kraken, which is planning to relaunch its services in India. According to the report, Khurana will oversee Kraken’s operations in India. According to reports, Kraken will shortly interact with local authorities to submit applications for operating licenses. At the moment, Khurana is a managing partner at Tribe Capital India, a venture capital firm. Tribe Capital’s founder, Arjun Sethi, is currently Kraken’s co-CEO. A spokesperson for Kraken confirmed that the company is seeking authorisation and that Vishesh (Khurana) is functioning as an advisor to the firm.
Why Kraken was Banned?
In early 2024, Kraken and eight other cryptocurrency exchanges were banned from India for violating the nation’s anti-money laundering regulations. Cryptocurrency exchanges operating in India are required to abide by the Prevention of Money Laundering Act (PMLA), which includes reporting suspicious transactions, adhering to know-your-customer (KYC) guidelines, and registering with the Financial Intelligence Unit (FIU). Several media outlets reported in September of last year that in order to resume operations, offshore cryptocurrency exchanges could also need to pay outstanding goods and services tax (GST) obligations. Among the offshore cryptocurrency trading platforms that the FIU has approved to resume operations thus far are Binance and KuCoin.
Reasons for Re-Entering the Indian Market
Following a surge in the value of major cryptocurrencies like Bitcoin, which is currently trading at almost all-time highs, Kraken aims to re-enter India. According to CoinMarketCap, Bitcoin was trading at over $96,000 on 19 February 2025. Based on 24-hour trading volume, CoinMarketCap ranked Kraken as the seventh-largest cryptocurrency exchange globally on February 19. The biggest was Binance, which was followed by Coinbase and Bybit. Sethi disclosed in a blog post on January 31 that Kraken made $1.5 billion in 2024, more than doubling $671 million in 2023, when the markets were weak.
According to Sethi, clients trusted us with 2.5 million funded accounts and $42.8 billion in platform assets over the course of the year. Kraken’s average revenue per customer is now well over $2,000, significantly beyond any similar statistic recently seen from traditional or cryptocurrency exchanges. In 2024, total trading volumes hit $665 billion.
Today, the brand is setting itself up for even more acceleration due to industry tailwinds and more regulatory certainty, both domestically and internationally. The election of Donald Trump as the US president has given cryptocurrencies a significant boost as an asset. According to a global news outlet, Trump has stated his strong support for digital assets and even pledged during his campaign to make the US the “crypto capital of the planet.”
About $1.5 billion worth of cryptocurrency tokens were taken from Bybit by hackers in what the digital asset exchange called the worst crime in the history of the sector. The CEO of Bybit, Ben Zhou, said in a post on X that Ethereum tokens were being stolen from the company’s offline, or “cold,” wallet. Later, in a live-stream update, Zhou stated that, to the best of the company’s knowledge, this may be the biggest hack in the history of the cryptocurrency business.
Zhou claimed that although there had been a rush to leave the market, things had cooled down. According to him, the website was receiving a bridging loan from its partners and would reimburse consumers for any coins that it was unable to retrieve. The attack is a setback for the cryptocurrency business, which has been booming in recent months due to hopes that the Trump administration will be more accepting of digital assets.
Crypto Industry’s Security taken for Ride by Hackers
Since the beginning of the crypto business, large-scale thefts have been a persistent problem that has brought attention to security issues. About 25,000 bitcoins, valued at about $470 million at the time, were lost by Mt. Gox in 2011, which was the preferred location for most bitcoin transactions at the time.
In October 2022, a glitch in a smart contract—a computer software that takes action automatically when specific criteria are met—was found to be the cause of the $570 million that was lost from the Binance exchange. On Friday, Zhou acknowledged that approximately 400,000 coins, valued at approximately $1.5 billion, had been stolen. After Bitcoin and Tether—a so-called stablecoin whose value is based on the US dollar—Ethereum is the third most traded cryptocurrency.
Donald Trump’s TRUMP
Donald Trump claims he “doesn’t know much” about cryptocurrencies, which has led to criticism of his recent introduction of his own digital currency. After making an appearance on his social media channels, the digital currency known as TRUMP swiftly rose to prominence as one of the most valuable cryptocurrencies, but its value has subsequently dropped dramatically.
It draws attention to security issues in the digital currency market, which was hoped for a boost in confidence following Mr. Trump’s coin debut. Elon Musk, his adviser and the multibillionaire owner of Tesla, has previously promoted Bitcoin. The cryptocurrency exchange Mt. Gox declared bankruptcy in 2014 after a security flaw allowed $350 million (£210 million) worth of digital currency to be stolen. Another significant cryptocurrency theft occurred in 2019 when hackers took $41 million worth of Bitcoin from the Binance exchange.
According to a senior government official who spoke with an international news agency recently, India is reevaluating its position on cryptocurrencies in light of changing perceptions of the virtual asset in other nations. A discussion paper on cryptocurrencies that was scheduled for release in September 2024 may be further delayed by the review, which comes after US President Donald Trump announced policies that are favourable to cryptocurrencies.
Regarding the use, acceptance, and perceived significance of cryptocurrency assets, more than one or two jurisdictions have altered their positions. India’s Economic Affairs Secretary Ajay Seth stated in an interview, “In that step, we are looking at the discussion on the paper again.”
No Unilateral Stance on Cypto
India’s attitude cannot be one-sided, according to Seth, because such assets “don’t believe in borders.” He made no mention of the US, where Trump fulfilled his pledge to restructure US crypto policy last week by directing the formation of a working group on cryptocurrencies to develop new rules for digital assets and investigate the establishment of a national cryptocurrency reserve.
Despite the country’s strict regulations and high trade taxes, Indians have been investing heavily in cryptocurrencies in recent years. In December 2023, nine offshore cryptocurrency exchanges received show-cause notices from India’s Financial Intelligence Unit (FIU) for violating local regulations.
Why Indian Authorities are Keeping a Close Eye?
Despite the increasing use of digital assets in the nation, India has so far adopted a stringent regulatory approach to cryptocurrency. For the second consecutive year, India led the world’s adoption of cryptocurrencies in 2024, according to a Chainalysis study. In 2022, India imposed a steep 30% capital gains tax and a 1% tax deducted at the source on cryptocurrency transactions over INR 10K.
India’s Financial Intelligence Unit (FIU) sent show-cause notices to nine cryptocurrency exchanges in December 2023, including Binance, Kucoin, and Bitfinex, for allegedly “illegally” conducting business in the nation through offshore businesses. Several federal organisations are currently looking into WazirX after hackers took about $235 million from one of its wallets in July of last year.
Over 4 million Indians have yet to fully recoup from the losses caused by the breach. Several cryptocurrency companies, including OKX, Pillow, Flint, and WeTrade, have had to close their doors as a result of India’s crackdown on the sector.
India’s market watchdog suggested last year that multiple regulators monitor cryptocurrency trading, indicating that at least some Indian officials are willing to permitting the usage of private virtual assets. The country’s central bank, which has insisted that private digital currencies pose a macroeconomic danger, disagreed with that stance.
To help users of WazirX, a compromised cryptocurrency exchange that suffered a huge $230 million (INR 1,900 crore) cyberattack last year, cryptocurrency unicorn CoinSwitch has started an INR 600 cr recovery scheme. The company hopes to assist impacted individuals in compensating for their losses, depositing money to benefit from the current cryptocurrency market boom, and receiving incentives through the program called “CoinSwitch Cares.” Cybercriminals from North Korea are said to have breached WazirX in July 2024, removing over $234 million in cryptocurrency assets from one of its wallets. Over 4 million Indian customers suffered significant losses as a result of the cyberattack, which also damaged confidence in the country’s cryptocurrency market.
Smart Move by CoinSwitch to Allure WazirX Users
In essence, the project is an attempt by the cryptocurrency platform to acquire WazirX users. Ashish Singhal, cofounder and CEO of CoinSwitch, stated during a virtual “Ask Me Anything” session that the company has launched the CoinSwitch Cares program in an effort to rebuild the trust of the Indian cryptocurrency community. Users affected by the WazirX attack can now assess their losses on the CoinSwitch Cares page and upload statements for verification.
How the Entire Recovery System will Work?
There will be three parts to the recovery program. Users can earn up to 10% of the money invested through this program over the next two years with the help of the first part, Assured Signup Rewards. In order to benefit from the scheme, users affected by the WazirX theft have two options: deposit money to CoinSwitch right away or wait for the Nischal Shetty-led company to completely resume withdrawals on the platform.
The second feature is revenue redistribution, which enables CoinSwitch to divide trading profits from the recovery program among impacted users based on their respective losses. Referral Rewards, which helps users earn up to 5% of the deposited funds by referring WazirX hack victims, comes in third.
Recent Updates on WazirX
WazirX had $566.38 million in liquid assets as of December 5, 2024. Customers have sued the business for $546.47 million in damages. It is important to remember that CoinSwitch said last year that it will sue WazirX in an attempt to recoup 2% of its money that is still in the hands of the compromised cryptocurrency exchange. WazirX is expected to fully restart cryptocurrency withdrawals on the platform by the middle of April this year, as multiple media outlets reported. It is seeking a plan of arrangement in Singapore to start business again. Through tokenisation and rebalancing, the suggested plan seeks to provide WazirX users with liquidity and extra recoveries. Following the scheme’s approval and sanction, WazirX will distribute recovery tokens to all of its customers and release liquid assets valued at $284 million.
Zettai Pte Ltd Coming Up with Decentralised Exchange
In order to start recovery efforts, Zettai Pte Ltd, the parent company of Zanmai Labs, the company that runs WazirX, is creating a new decentralised exchange (DEX) at the same time. On the next platform, the business intends to introduce capabilities including futures trading and cryptocurrency staking. WazirX lifted the ban on INR withdrawals from the platform in August of last year, albeit gradually and with a 66% cap. These events coincide with an investigation of the WazirX attack by a number of government organisations, including the Indian Computer Emergency Response Team (CERT-In), the Financial Intelligence Unit, and the Intelligence Bureau.
It is not a secret that cryptocurrencies have become an integral part of our financial lives. Despite the seemingly complicated structure, the process of crypto trading is quite logical and can be simplified if you follow the sequence of several steps. This article explores the course of action new investors should undertake if they want to know how to buy crypto.
What is Cryptocurrency?
Before you start gathering information about how to buy crypto, it is fundamental to understand the basic notions. Cryptocurrency is a virtual asset that utilises blockchain technology for security and transaction transparency. Almost everyone has heard of the first and most popular digital currency—Bitcoin, which was introduced fifteen years ago. Other notable coins include Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
Cryptocurrency is used for multiple purposes:
Investments (short-term and long-term) and fund sustaining;
Payment for services and goods;
Conducting money transfers without the involvement of the banking system.
Before you start your trading journey, you have to set your financial goals and what you are going to use your assets for.
Where to Buy Crypto?
The choice of the platform is the key element to success. There are two main options:
Cryptocurrency exchange platforms: Official cryptocurrency exchange services like Binance, Kraken, and Coinbase supply a variety of popular digital currencies and altcoins available for trading. Commissions differ among platforms, so it is vital to get acquainted with the list of applicable fees beforehand. Exchange platforms accept different payment types and deliver secure transactions, as each user has undergone the verification process.
P2P platforms: Peer-to-peer trading platforms are similar to marketplace apps, where the deal is executed between two people, without the involvement of the bank or other financial entity. Similar to centralized exchanges, P2P platforms accept versatile payment methods and the prices for some assets might be quite profitable as they are set by the sellers. However, when choosing this method of how to buy crypto, one must be aware of scammers, as transactions are mostly trust-based.
Be aware that to ensure maximum security the majority of platforms are implementing the KYC (Know Your Customer) process of identity verification. To create a trading account, you will be required to input contact details and provide a valid form of identification.
How Do You Choose Cryptocurrency and What are the Payment Methods?
There are hundreds of coin types on the market, and if you are a newbie and are still learning how to buy crypto then this diversity can become overwhelming and confusing. Newcomers can start investing small sums into popular currencies like Ether or Bitcoin to get acquainted with the market and price fluctuations. Popular currencies are more stable and possess high liquidity. And after the initial investment has been made, it is possible to start thinking about diversification. Study information about each currency you are interested in, compare the price graphs, and analyse the prognosis.
Key factors to consider:
Total market value
Current price and dynamics
Practical use and expansion opportunities
There are several payment options for cryptocurrency: using a credit/debit card, via bank transfer, using payment systems like PayPal or Skrill, or even using cash (on P2P platforms). Remember that each method has commissions and you should check its amount on the platform.
How to buy crypto becomes a simple process if you follow these easy steps and spend time educating yourself about the basics of the market. Start by choosing a reliable platform, purchasing your first asset, and securing your funds. For more information, platform reviews, and cryptocurrency trading tips, make sure to visit your reliable partner. You will find everything you need for a successful start in the world of digital assets!
Authorities investigating the goods and services tax (GST) have so far charged 17 cryptocurrency exchanges with dodging the tax to the tune of INR 824.14 Cr. Pankaj Chaudhary, the minister of state (MoS) for finance, stated in a written response to the Lok Sabha that INR 122.29 Cr in GST dues, including interest and penalties, had been recovered from the cryptocurrency platforms.
WazirX parent company Zanmai Labs owes the government INR 40.51 Cr, while cryptocurrency giant Binance’s subsidiary Nest Services alone is responsible for 87% of the INR 824 Cr tax evasion, or INR 722.43 Cr. CoinDCX and Neblio Technologies, their FIU-registered Indian company, have been charged with tax evasion of INR 26.63 Cr. Likewise, CoinSwitch Kuber is being investigated for INR 14.13 Cr in GST evasion, while ZebPay is being investigated for INR 7 Cr in GST avoidance. Authorities have also booked other cryptocurrency exchanges, such as Flipvolt Technologies, UnoCoin, and BuyUcoin.
Virtual Digital Assets
The majority of cryptocurrency assets, with the exception of gift cards and vouchers, are categorised as “Virtual Digital Assets” (VDAs) under Section 2(47A) of the Income Tax Act. According to the Finance Ministry, 47 Virtual Digital Asset Service Providers (VDA SPs) have registered with the Financial Intelligence Unit-India as reporting companies in accordance with the Prevention of Money Laundering Act of 2002. Cryptocurrency transaction income is subject to a flat 30% tax rate and 1% tax deducted at source (TDS) on transactions over INR 50,000 per year.
Bringing Crypto Under the Roof of PMLA
The Prevention of Money Laundering Act (PMLA) has applied to cryptocurrency assets since March 2023, forcing exchanges and crypto service providers to adhere to anti-money laundering regulations, such as know your customer (KYC) requirements. The Financial Intelligence Unit-India is in charge of enforcement. Digital assets do not currently have a defined Harmonized System of Nomenclature (HSN) code or pricing. Rather, the GST rate of 18%, the highest in this category, is applied to the HSN code 960899, which covers “other miscellaneous articles.” Only those who voluntarily register for GST or whose sales or turnover during the fiscal year surpass the INR 40 lakh level are subject to GST obligation.
Although “crypto” and “digital assets” are not defined in the current GST Act, the word “virtual digital assets” was added in the financial budget. Any type of code or information that represents value and can be traded and utilised in financial transactions is referred to as a virtual digital asset. Non-fungible tokens (NFTs) and other digital assets designated by the central government, excluding Indian or foreign currencies, are among the assets that can be electronically stored or transferred.
🐸 HODL on to your memes, folks! The frog is back, and this time it’s hopping through the world of cryptocurrency! 🐸
In the wild jungle of crypto, where tokens rise and fall faster than you can say “To the moon!”, PEPE Coin has croaked its way into the spotlight. Born from the depths of meme culture and fueled by the chaotic energy of the internet, PEPE Coin isn’t just another digital currency—it’s a movement. Whether you’re here for the lols or looking to ride the next big wave, PEPE Coin has managed to set itself apart from the crowd, one meme at a time. But what makes this frog-faced coin the talk of the crypto town?
The Origins of PEPE Coin
PEPE Coin leaped into the crypto scene in April 2023, drawing inspiration from the legendary “Pepe the Frog” meme, a character that has been a mainstay of internet culture since the mid-2000s. What started as an innocent cartoon character soon became an iconic symbol of meme culture, and the creators of PEPE Coin knew just how to capitalize on its popularity. Unlike traditional cryptocurrencies that launch with clear roadmaps and established teams, PEPE Coin was shrouded in mystery, with anonymous developers who let the meme do the talking.
But don’t let its playful origins fool you—PEPE Coin quickly became a serious contender in the world of digital assets. Within weeks of its launch, it had gathered a massive following, proving that a community-driven approach can be just as powerful as any technological innovation.
What Makes PEPE Coin Ribbit?
1. The Power of Community
At the heart of PEPE Coin’s success is its community—a vibrant, engaged group of enthusiasts who aren’t just investors but true believers in the meme. In the world of meme coins, community is everything, and PEPE has proven to be one of the most active and dedicated. The decentralized nature of the project means that decisions are driven by the community, making every holder a stakeholder in the coin’s future.
2. A Deflationary Model
In a twist that even the most seasoned crypto traders didn’t see coming, PEPE Coin employs a deflationary mechanism where a small portion of each transaction is burned, reducing the overall supply of tokens over time. This strategy creates scarcity, potentially driving up the value of the remaining tokens as demand increases. It’s a clever move that not only makes PEPE Coin more appealing to holders but also adds a layer of long-term sustainability to the project.
3. Riding the Meme Wave
PEPE Coin’s true strength lies in its ability to tap into the cultural zeitgeist. Memes are the language of the internet, and PEPE speaks it fluently. By embracing its meme origins, PEPE Coin has positioned itself as not just another cryptocurrency but a cultural phenomenon. The coin’s branding is playful, irreverent, and perfectly in tune with the internet-savvy audience that it targets.
The PEPE Coin Price Surge: A Froggy Fairytale
Let’s talk numbers—because PEPE Coin’s price action has been nothing short of extraordinary. Since its launch, PEPE Coin has witnessed an astronomical rise, with the value skyrocketing by a jaw-dropping 12,200% until March 2024. This PEPE Coin price surge has cemented its place in the top tier of meme coins, drawing comparisons to the likes of Dogecoin and Shiba Inu.
But what fueled this surge? A combination of strategic exchange listings, viral social media campaigns, and the sheer power of its community. The frog might have started small, but it’s now hopping with the big dogs of the crypto world.
Adoption and Market Dynamics
PEPE Coin’s rise wasn’t just about a meme—it was about smart market positioning. Listing on major exchanges like Binance and Uniswap gave PEPE Coin the liquidity it needed to thrive. This exposure brought in more traders, more buzz, and, inevitably, more value.
The deflationary mechanism, coupled with a low entry price, made it an attractive option for both seasoned traders and crypto newbies alike. As more transactions occurred, the burning of tokens reduced the supply, adding to the scarcity and pushing prices even higher. Those looking to convert USD to Pepe quickly found themselves part of one of the most exciting financial stories of 2024.
For more detailed comparisons and insights, you can visit Bitcompare.
What’s Next for PEPE Coin?
The future of PEPE Coin, like all meme coins, is as unpredictable as the internet trends that fuel it. However, the strong foundation laid by its community, coupled with its innovative tokenomics, suggests that this frog isn’t going anywhere anytime soon. PEPE Coin has shown that even in a market as volatile as crypto, there’s room for fun, irreverence, and a whole lot of meme magic.
Whether it will continue to soar or eventually settle down remains to be seen. But one thing’s for sure—PEPE Coin has already made a lasting impact on the cryptocurrency world. And who knows? The next big leap might be just around the corner.
Conclusion
PEPE Coin has proven that meme coins can be more than just a fleeting internet joke. With its strong community backing, innovative deflationary model, and sheer power of meme culture, it has set itself apart as a standout in the crowded cryptocurrency landscape. Whether you’re a seasoned investor or just in it for the memes, PEPE Coin offers a unique and intriguing opportunity to be part of something both fun and potentially lucrative.
So, if you’re ready to join the frog army, start by learning how to convert USD to Pepe and hop into the world of meme coins. The frog may have started as a joke, but in the world of crypto, it’s anything but.
Wazirx, an Indian cryptocurrency exchange, announced on 3 September 2024 through social networking site X that Phase 2 of INR withdrawals had been released ahead of schedule. This comes after the cyberattack that occurred on July 18 and resulted in the theft of more than $230 million worth of cryptocurrencies. Even though users are becoming increasingly aggravated by the restriction placed on cryptocurrency withdrawals, the exchange claimed.
Beginning today, all users who are entitled to do so are now able to withdraw up to the absolute maximum of 66% of their INR holdings. The 9th of September was the original date that the company had planned for this, however, it has moved it up to provide faster access.
In the aftermath of the cyberattack, Wazirx submitted a request to the High Court of Singapore for a moratorium by the Insolvency, Restructuring, and Dissolution Act to restructure its liabilities through the implementation of a scheme of arrangement. This filing intends to grant a respite period of thirty days to reorganize these liabilities.
Hold Off on Crypto Trading for Six Months
On 2 September 2024, Wazirx organized a virtual town hall session to explain the process of its restructuring. According to a report of the conference that was written by X user Budhil Vyas, the meeting did not provide clarification but rather raised issues with attendees. It was described by him that Wazirx did not address the most important questions that users had during the meeting, that comments were disabled, and that users were directed to send inquiries via email instead. During the exchange, positions that had been voiced in the past were restated without any new material being provided.
When consumers were asked when they would be able to trade cryptocurrency again, they responded, “Not for at least six months.” As a means of putting things right, they requested a six-month break in Singapore. People who are looking to get their money will find this to be unfavorable.
According to Vyas, Wazirx did not provide any clear explanation as to why users are required to fund legal costs, and their responses were ambiguous. During the same period, $6.3 million that was associated with the Wazirx hack was transferred to Tornado Cash, which raised concerns owing to the timing of the transfer with the meeting. In general, Wazirx’s communication continues to be opaque, which leaves customers with persistent concerns regarding the finances of their accounts.
