Nischal Amazed by Trump’s Crypto Reserve, WazirX Users Give Harsh Warning!

Jakarta, Pintu News – US President Donald Trump’s announcement of establishing a strategic crypto reserve has generated excitement among the crypto community.

However, Nischal Shetty, founder of Indian crypto exchange WazirX which suffered a major hack last year, was heavily criticized by users after he appeared to celebrate the news.

Check out the full news below!

Community Reaction to Nischal Shetty’s Excitement

Nischal Shetty, whose exchange lost 45% of user funds or about $234.9 million (Rs 2,000 crore) in the July 2024 hack, does not seem to have the sympathy of the affected WazirX users.

President Trump’s announcement of a crypto reserve that includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), and Solana (SOL) was supposed to be a watershed moment, but for WazirX users, it only added insult to injury.

Frustrated WazirX users quickly reminded Shetty of his responsibility towards those whose funds were still trapped. This criticism was compounded by comparisons to Bybit, which successfully dealt with a $1.5 billion hack by securing loans from the industry and recovering user funds quickly.

Also read: 3 Altcoins to Watch in Early March 2025

Criticism from Influencers and Crypto Users

Kashif Raza, a well-known YouTuber and crypto influencer from India, publicly criticized Shetty, stating that he should have learned from Bybit about securing user funds.

Meanwhile, another user known as Crypto with Khan voiced his disappointment, emphasizing that WazirX users are not benefiting from the so-called “new era of crypto” as long as their funds remain locked.

This situation shows a stark difference in how the two exchanges handled the crisis. Bybit, despite facing an almost sevenfold larger hack, managed to restore user trust, whereas WazirX seems to have failed in terms of communication and transparency.

Also read: Crypto Analyst at X Predicts Bitcoin to Reach $180,000 in 2025, Here’s His Analysis!

Lessons from the WazirX Crisis

This incident underscores the importance of trust and communication in the crypto industry. Trust, built up over years, can be destroyed in an instant if not properly maintained.

The WazirX crisis shows that without effective management and clear communication, even large and well-known platforms can quickly lose user support.

The use of user funds to address the crisis must be transparent and fair. This incident is a valuable lesson for all players in the crypto industry about the importance of maintaining user trust above all else.

Conclusion

The WazirX case and Nischal Shetty’s reaction to the US crypto reserve demonstrate the complex dynamics and challenges of managing crypto exchanges. Going forward, it is important for all industry leaders to prioritize security, transparency, and user satisfaction to avoid similar incidents that could damage reputation and trust.

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Reference

• Crypto Times. Nischal Lauds Trump Crypto Reserve, WazirX Users Remind Him of Duty. Accessed on March 4, 2025
• Featured image: The Block