WazirX News Today: History Repeats Like Shocking Sahara Scam 2012

WazirX News Today: History Repeat with Shocking Sahara Scam Similarity

The recent WazirX scam update has stirred controversy after the cryptocurrency exchange submitted 240,000 wallet addresses to a Singapore court. This move, following a ₹2,000 crore hack, has drawn unsettling parallels to the infamous 2012 Sahara Scam.

Why the WazirX Scam is Compared to the 2012 Sahara Scam

The ongoing WazirX scam has raised eyebrows due to its striking resemblance to the 2012 Sahara Scam. After suffering a major ₹2,000 crore hack, WazirX filed an astonishing 240,000 wallet addresses with the Singapore court. 

Critics argue this move seems aimed at overwhelming authorities, akin to the tactics used by the Sahara Group, which had infamously submitted truckloads of documents to delay regulatory investigations by SEBI (Securities and Exchange Board of India).

In 2012, Sahara was accused of illegally soliciting funds from millions of investors. When ordered to provide proof of its investor base, Sahara responded not by cooperating, but by inundating the regulators with excessive paperwork. 

This strategy, dubbed “malicious compliance,” aimed to complicate the investigation and buy time. Similarly, WazirX’s submission of such a large number of wallet addresses raises suspicions that the exchange might be trying to distract authorities and delay the investigation into its hack.

Critics from the crypto community argue that this tactic is not a genuine attempt at transparency, but rather an effort to slow down the process while WazirX formulates its next steps. 

This comparison to the Sahara case has alarmed users, who are concerned about the potential for a lengthy resolution to the hack and the fate of their funds.

What's Next for WazirX

Looking ahead, WazirX is reportedly working on a socialistic loss-sharing policy, which would distribute the financial impact of the hack among all users. While this might seem fair, many users are unhappy, fearing that it distracts from WazirX’s responsibility for the breach.

Conclusion

The WazirX scam, with its troubling similarities to the Sahara Scam, raises significant concerns for cryptocurrency users. The handling of the investigation and future recovery of funds remains uncertain, leaving many on edge about their investments.