WazirX caught in their own web of lies around its 240M hack. Users has completely lost their faith in the exchange...

WazirX seems to be caught in their own web of lies. It seems that not only has the company lied about the hack, they have also blatantly lied and fake the numbers that they have submitted to the authorities.

Not only have they lied about being hacked, they have also lied about a lot of the details that they have submitted to the authorities, thinking that no one would be able to see through their lies.

But as more and more of their lies get exposed, it seems that fans are losing their faith in the exchange.

WazirX lying about the hack

As we know, two months ago, the popular Indian crypto exchange WazirX faced a hacking incident, losing $235 million worth of cryptocurrencies, nearly 50% of customers' funds. So it claims.

Mandiant Solutions-a subsidiary of Google, which was hired by WazirX to carry out the forensic investigation-has given it a clean chit.

After a thorough investigation, Mandiant did not find any evidence of compromise on the three laptops that were used for signing transactions.

Shortly after, WazirX co-founder Nischal Shetty posted on X, quickly shifting the blame to Liminal,

"We're glad that it's all clear there is NO compromise on WazirX side"

However, both WazirX and Liminal have issued contradictory statements, each accusing the other of being responsible for the hack.

WazirX lying about its assets and liability

On 24 September 2024, popular Indian crypto influencer Aditya Singh took to X to expose WazirX leadership on providing inaccurate data to mislead the public and allowing them to pocket $10.8 million.

Aditya basically claims that the number WazirX is offering doesn't tally. The 244.8M that WazirX claims is not 45% of 546.5M that it claims; it is only 44.79%. So there is essentially a $10.8M that is unaccounted for.

Many WazirX customers are speculating if the unaccounted 10.8M million has gone into the pockets of WazirX team? There are even some users who compare WazirX with Sam Bankman-Fried, calling WazirX the Indian SBF.

WazirX lying about the wallet addresses

In a blog post, WazirX announced that the company would be disclosing 240,000 wallet addresses as a step towards greater transparency after the Rs 2000 crore hack.

But it was later discovered that the public reveal of WazirX wallet was one of the conditions put forth by the Singapore court that awarded a four month moratorium to Zettai Pte Ltd, the parent entity of WazirX.

The lengthy 1,100-page affidavit on Thursday, listing over 240,000 wallet addresses. According to WazirX, they have stored 45% user funds in a single cold wallet while the remaining 55% of user funds have been consolidated into these wallets after the ₹2,000 crore hack.

However, an investigation by The Crypto Times has uncovered that the data provided by WazirX contains suspicious and repetitive information regarding wallet addresses. The exchange had claimed that while 45% of user funds were stored in a single cold wallet, the remaining 55% were distributed across 240,000 wallets.

Just like many of its previous claims, it contains a lot of accuracy and discrepancies. For example, The Crypto Times found that at least 16 wallet addresses in the list were repeated in just the first two pages alone.

Active Wallets Despite Suspended Trading

Further investigation further revealed that a wallet holding $2.6 million remained active despite WazirX halting all trading activities following the July 18 hack. One of the wallet addresses still holds $26,274,417.79 and it was still very active with one of the most recent transactions tracing back to October 16,2024.

Another anomaly surfaced in the affidavit, suggesting a Bitcoin address might have been mistakenly labeled with the wrong blockchain chain prefix, given that multichain wallets can share identical addresses across different blockchains.

Additionally, the affidavit's third column on page 312 lists another discrepancy involving wallet ID 0xdbcc6f2f49b35f8fa3290f2a4dd6204a580dd4b1, which appears to be inactive for over two years. Etherscan records show this address last interacted with a Binance-controlled WazirX account, raising questions as to whether WazirX has transferred assets from Binance-controlled wallets after their public fallout with Binance.

Users had enough of WazirX's lies ?

It seems that as more and more of Wazirx's lies are exposed, users are getting frustrated and are starting to lose their trust in the company. Despite its alleged commitment to transparency, it turns out that the company is doing anything but that.

All these lies are even making users doubt if this whole exchange was a scam to believe in, and all these are not looking good for WazirX....