Nischal Shetty News

Crypto exchange WazirX has appointed Zodia Custody as its official custodian ahead of its operational restart. Zodia Custody, backed by major financial institutions including Standard Chartered, Northern Trust, and SBI Holdings, will provide secure asset management solutions for WazirX users. Zane Suren, Managing Director, Commercial, MEA at Zodia Custody, stated, «Zodia Custody is proud to partner with WazirX for their much-anticipated relaunch. Providing our knowledge of supporting institutional clients and commitment to a compliance-first approach, we will empower WazirX and its users to seamlessly engage with digital assets in a way that protects their capital and complies with local regulation.»

Trust Company — a regulated digital asset custodian and infrastructure provider — to improve security of funds on its platform and rebuild user trust. In July 2024, WazirX parent firm Zettai Pte suffered a theft in which over USD 230 million was stolen from its platform. This incident left many users, known as creditors, with substantial financial losses. The collaboration aims to highlight the measures being taken to restore user trust, a company statement said.

USD 230 million crypto heist last year, WazirX is «hopeful» of securing adequate votes from users in favour of its upcoming scheme of arrangement, with founder Nischal Shetty asserting that while being legally binding, the scheme will allow the company a fighting chance to re-build value in «golden era of crypto» market. Shetty told PTI that the company's promise of returning 85 per cent to users «immediately» is a result of nearly USD 450 million reserves it has — the appreciated value of leftover tokens post July 2024, when the hackers stole USD 230 million of digital assets. "...if I can push this (scheme of arrangement) through, I will not rejoice. I and my team are going to work the next three years to bring back value," Shetty said.

Cryptocurrency exchange WazirX on Friday said it has frozen the first tranche of assets which were stolen during last year's cyberattack worth USD 3 million. In a statement announcing the freezing of about USD 3 million in stolen assets (USDT), Founder Nischal Shetty said WazirX is fully committed to recovering the stolen funds «leaving no stone unturned to maximise recoveries under a scheme». «As part of the ongoing recovery efforts following last year's cyberattack, WazirX has been successful in freezing the first tranche of assets that were stolen during the cyberattack worth USD 3 million USDT,» according to WazirX statement.

Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

SEBI recommends regulators to oversee crypto trade, RBI still sees ‘macro risk’ Bitcoin is poised for a robust week amid rising hopes for US Fed rate cuts. After today's increase, Bitcoin has achieved significant gains over the past seven days, rebounding from a low of $60,000 last week. The cryptocurrency is up approximately 8% from last Friday's lows, primarily driven by a weaker dollar and indications of easing U.S.

crypto industry veterans, Nischal Shetty (founder of WazirX) and Avinash Shekhar (ex-CEO Zebpay) have launched their new venture, Pi42, the country's first Crypto-INR perpetual futures exchange, which aims to grow as the largest compliant crypto futures platform in the world. The exchange makes its debut in India, on Wednesday and aims to expand its reach across the key global markets by targeting the existing 30+ million Indian crypto investors over the next 2-3 years.

crypto startups, who are looking to expand the scope of their operations to a bouquet of offerings that include gaming, social applications, decentralised financial services and more. Nischal Shetty, the founder of crypto trading platform WazirX, is busy building Shardeum, a blockchain-based protocol that can scale up exponentially to simultaneously support multiple transactions of various kinds, including micro payments and trade finance dealings. Shardeum can support 200 transactions or more per second, Shetty told ET.

On July 13, 2023, Ripple Labs, a cryptocurrency-based software company, secured victory in its legal battle against United States (US) Securities and Exchange Commission (SEC). Experts believe that this development can help create the long-awaited regulatory landscape around the cryptocurrency industry. 

Binance has stopped providing wallet services to WazirX, asking the Indian crypto exchange to withdraw any remaining assets held in Binance wallets. 

Major Indian crypto exchange WazirX has laid off about 40% of its employees, citing a fall in trading volumes due to the bear market and the regulatory climate in India. 

It’s been less than a day since Ethereum’s historic transition to proof-of-stake, with most of the crypto community still abuzz with excitement following the successful Merge.

crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. «Caution is the word that should be in the minds of the people dealing with crypto. In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction,» the source said. The Enforcement Directorate (ED) has been investigating allegations of money laundering against WazirX. The agency has frozen Rs 64.67 crore worth bank deposits as part of an ongoing money laundering probe against some fraud smartphone-based loan apps «backed» by Chinese funds.

The Twitter exchange between WazirX co-founder Nischal Shetty and Binance CEO Changpeng “CZ” Zhao over the ownership of the Indian crypto exchange grabbed a lot of headlines in the first week of August. 

Government sources said the WazirX episode has brought to fore a lot of issues. (Representational)

The officials under the scanner are likely to be called for questioning again next week by probe agency.

Amidst ongoing clash with Binance and Enforcement Directorate (ED) freezing its bank assets, WazirX’s parent Zanmai Labs on August 9 issued a statement saying that all its users are KYC compliant and WazirX acts like an intermediary who's platform was misused.

Bitcoin briefly topped the $24,000 mark, supporting the notion that investors have a risk appetite for the riskier asset class. Crypto market has been rallying over the past four days amid hopeful signs that inflation will soon be under control without triggering a steep recession. Inflation holds center stage on this week's investor.

Jaskaran Arora, 27, who runs a digital advertising agency in Mumbai, has been investing in cryptocurrencies through WazirX for four years now. The platform has been his go-to suggestion to any friends and family wanting to invest in crypto tokens, especially over the past one or two years. A major reason for that has been that WazirX is backed by Binance.