WazirX Scam update has got significant, with the corporation presenting 240,000 cryptocurrency wallet addresses to the Singapore Court, raising concerns about their plans and drawing parallels to the 2012 Sahara Scam.

The latest WazirX Scam update added an unexpected twist to the plot. Following the ₹2,000 crore hack of the WazirX cryptocurrency exchange, the company has faced severe criticism.They recently filed an amazing 240,000 cryptocurrency wallet addresses to the Singapore Court, raising questions about their true objectives. Critics compare this move to the famous Sahara Scam of 2012, in which the Sahara Group submitted truckloads of documents to block investigations.

The WazirX Hack: A Brief Overview

The WazirX Scam update showed that the crypto exchange suffered a huge hack worth ₹2,000 crore, resulting in a 45% loss of customer cash. WazirX, a well-known company in India’s cryptocurrency market, experienced a financial crisis that shook its user base.

The corporation expressed transparency and action, but its recent decision to submit a list of over 240,000 crypto wallet addresses to the Singapore Court has raised questions about whether this is a genuine attempt at recovery or an unsuccessful scam.What is the WazirX Sahara Scam Connection?

The WazirX Sahara Scam connection is being made because of the same ways in which both companies responded to judicial investigation. In 2012, the Sahara Group, one of India’s largest corporations, got caught in a major financial scam. Sahara, alleged of illegally seeking cash from millions of investors, was directed by SEBI (Securities and Exchange Board of India) to present evidence showing its investor base.Instead of just cooperating, Sahara sent two truckloads of records to SEBI, which was regarded as an attempt to postpone the investigation by overloading investigators with paperwork. This technique of “malicious compliance” caused major challenges for SEBI, extending the case.

WazirX’s recent release of 240,000 wallet addresses has been viewed as a similar ruse. Although it appears to comply with court orders, the huge amount of wallet addresses has led many to suspect that WazirX is attempting to overwhelm authorities, buying time to plan their next move.

Why Critics Are Skeptical of WazirX’s Actions???

According to the WazirX Scam update, various cryptocurrency influencers and users have criticized the company’s actions. They argue that by submitting so many wallet addresses, WazirX follows the Sahara Group’s strategy. Critics feel this is an intentional attempt to slow down the investigation, similar to how Sahara delayed SEBI’s investigation by stuffing them with documents.

According to WazirX’s management, 55% of the remaining user assets are spread across 240,000 wallets, with 45% held in a single cold wallet. However, users are questioning why so many wallets are involved, and whether this is a genuine effort to increase openness or simply a delaying technique.

The WazirX Sahara Scam connection becomes even clearer when considered that both cases include banking companies under investigation, court orders, and utilizing massive data submissions to gain time. Know More about WazirX scam by just following CoinMozo on X.

The Odd Similarity To The Sahara Case

In order to understand the WazirX Sahara Scam connection, we need to explore the Sahara Group case. Sahara was one of India’s most well-known companies in 2012, with investments in areas ranging from real estate to cricket. However, when charges of financial issues came up, SEBI started an investigation. Sahara’s method of sending two truckloads of paperwork to SEBI was interpreted as an attempt to slow down the regulators.Similarly, WazirX’s submission of 240,000 wallet addresses is seen as an attempt to overload the Singapore Court with data, as Sahara did with SEBI. In both cases, the corporations technically followed the court’s directions, but the huge quantity of information made it difficult for authorities to conduct their investigations effectively.

The WazirX Scam update makes it visible that the goal of this action is to slow down the process, giving WazirX more time to think out its future steps, whether it’s establishing a socialistic loss-sharing program or some other type of restructuring.

The Proposed Socialistic Loss-Sharing Policy

According to the most recent WazirX Scam update, WazirX management is developing a reorganization plan that includes a socialistic loss-sharing program. This means that users will be awarded money in a way that distributes the financial weight of the hack among all users. In this case, everyone shares the losses equally, which has caused some dissatisfaction among those who lost a major portion of their cash.

This new policy adds another layer to the WazirX-Sahara scam. WazirX’s socialistic loss-sharing scheme, similar to Sahara’s attempts to satisfy investors wlWhile avoiding full accountability, could be interpreted as a way to divert attention away from their responsibility for the breach and its effects.

What Does This Mean for WazirX Users?

The WazirX Scam update has left many consumers worried about the future of their funds. The company’s+) decision to submit 240,000 wallet addresses, paired with the planned loss-sharing scheme, raises concerns for those expecting for a Quick settlement.

While the comparison to Sahara may appear exaggerated, the WazirX Sahara Scam connection is clear.- Both situations involve firms under legal inspection, experiencing public backlash, and reacting with massive amounts of data that slowed down the investigation. For WazirX users, this may mean a long wait before their funds are recovered.

WazirX’s Scam link bears resemblance to the 2012 Sahara Scam, implying that the corporation may be -adopting (strategies) to extend investigations. This raises concerns about potential threats to both cryptocurrency and traditional financial institutions.

#BTC67KRebound #BinanceBlockchainWeek #EthereumPectraUpgrade #btc