🇮🇳 WazirX പാർട്ട് 3💀

🪙 The ₹342 Crore Payment Mystery

• In FY 2020-21, WazirX paid ₹28 crore to a company called Qizil21 Software Pvt Ltd.

• The next year, payments suddenly spiked to ₹342 crore – that’s a 1,119% increase.

• Qizil21 is owned by WazirX founder Nischal Shetty and his wife Moujhuri Guha.

• The listed service was "business auxiliary services" – with no clear explanation

🌍 Panama Company & Secret Setup

• March 10, 2025: WazirX secretly formed a new company called Zensui Corporation in Panama.

• WazirX did not inform the Singapore court about this company during their restructuring.

• This lack of disclosure led the Singapore High Court to reject WazirX's 85% refund scheme on June 4, 2025.

🤫 Nischal’s Silent Share Transfer

• August 13, 2024: Just weeks after the ₹1,900 crore hack, Nischal quietly transferred 100% ownership of another company (Shinjuku FZC LLC in UAE) to his wife.

• He made no public announcements, and his social media activity went completely silent.

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🕵️‍♂️ The Arrest, Hack & North Korea Link

• November 2024: Delhi Police arrested SK Masud Alam from West Bengal for creating fake WazirX accounts and selling them via Telegram.

• January 2025: US, Japan, and South Korea confirmed that North Korea’s Lazarus Group was behind the WazirX hack.

• Lazarus Group is a globally known crypto-hacking team responsible for several major attacks.

🚨 Why This Is a Major Issue

• 4.4 Million Indian users still trapped – no crypto withdrawals for over 320 days, only 66% INR withdrawal allowed.

• Social media users have accused WazirX of "jurisdiction shopping" – moving to countries with weak regulations.

• The Supreme Court dismissed the case, saying it’s Parliament’s responsibility to regulate.

• RBI, SEBI, and ED have not taken visible action.

🔥 Key Upcoming Dates

• July 4, 2025: WazirX must submit new documents to Singapore court.

• July 15, 2025: Crucial Singapore High Court hearing. If the appeal fails, full liquidation is possible.

⚖️ Possible Scenarios

• Best Case: Appeal accepted, users recover 50-60% over 2-3 years.

• Worst Case: Complete liquidation, users get only 20-30% after legal costs.

• Most Likely: Long legal battles, funds remain frozen for years.

🧠 Crypto Mafia Summary:

🚩 Open Questions

• What exactly was the ₹342 Cr payment for?

• Why was the Panama company formed secretly?

• Why was the UAE share transfer done immediately after the hack?

• How did Liminal's system approve the suspicious transaction?

• Why are Indian regulators silent?

Bottom Line:

This is not just a crypto hack—it’s a complex, international corporate scandal with money trails, ownership changes, and government silence.

Indian investors must:

• Stay alert.

• Demand transparency.

• Carefully choose trusted platforms.