WazirX Gives Users No-Win Ultimatum: Approve DEX Plan or Wait Until 2030

Key Takeaways

• WazirX has given users an ultimatum to recover the remaining 55% of their funds.
• The proposal requires users to approve a new DEX or face a five-year wait for asset liquidations.
• Indian users accuse WazirX of coercion and mismanagement of customer funds.

Nearly six months after suffering a $235 million hack, WazirX has presented its users with a stark choice: agree to its restructuring plan or wait another five years for a possible recovery.

The exchange, which lost more than 40% of its assets in the July breach, has since halted operations pending a resolution.

However, instead of a straightforward reimbursement, WazirX has now tied fund recovery to a new business venture, drawing sharp criticism from the Indian crypto community.

WazirX’s Proposal Traps Users in a No-Win Situation

Under the proposed restructuring plan , WazirX wants to launch a decentralized exchange (DEX), where fund recovery would be linked to profit-sharing from the new platform.

If users reject the plan, they would have to wait until 2030 for asset liquidation—an option that offers no clear timeline or guarantees.

This isn’t the first time WazirX has suggested creating a new platform to generate funds for reimbursement.

A previous DEX proposal was met with widespread rejection from users who saw it as an attempt to force trust in yet another WazirX product—without ensuring a full recovery of lost assets.

By tying the DEX launch directly to the restructuring process, WazirX has left users with little choice: accept a long, uncertain profit-sharing scheme or face indefinite delays.

Indian Crypto Community Calls Out WazirX for Bullying Tactics

The proposal has sparked outrage among Indian crypto users, who accuse WazirX co-founder Nischal Shetty of manipulating the situation to force compliance.

Several users pointed out that WazirX’s history of security failures and lack of transparency make it difficult to trust another venture from the exchange.

Critics argue  that the five-year delay is a scare tactic to push users into accepting the new DEX model rather than a legitimate recovery option.

Social media platforms and crypto forums have been flooded with complaints, with many users calling the ultimatum unfair and exploitative.

Some have also raised concerns over the mismanagement of remaining user funds, with allegations that millions have been withdrawn for legal expenses rather than reimbursing affected customers.

“That 2030 recovery is just to scare and bully the naive investors who’ve lost their money to approve the scheme so they can run their one last scam,” one user wrote. 

A Last-Ditch Effort?

With trust in WazirX at an all-time low, the latest ultimatum has left many users questioning whether they will ever recover their funds.

While some may begrudgingly accept the DEX plan in hopes of recouping losses, others see it as yet another stalling tactic—one that benefits WazirX at the expense of its customers.

For now, one thing is certain: the exchange’s future remains as uncertain as its users’ missing funds.