WazirX Under Fire: ‘WazirX ZERO’ Faces Scam Controversy
WazirX, a leading cryptocurrency exchange in India, is now facing increasing backlash from users over allegations of the platform auto-enrolling customers in a new service called “WazirX ZERO.” The service, which comes with a monthly fee of ₹99, has sparked outrage among users as the exchange has been deducting the amount without their consent.
This deduction, justified by the exchange as part of their new WazirX ZERO scheme, has sparked a fierce wave of criticism on social media, with the users accusing the platform of engaging in fraud, theft, and exploitation. As the news spreads like fire, the community is demanding explanations from the crypto exchange, questioning WazirX’s business practices and its commitment to protecting users.
The WazirX ZERO Controversy: Users Allege Scam
WazirX has come under increased scrutiny as users allege that the platform has engaged in deceptive practices by auto-enrolling them in the WazirX ZERO service without their knowledge. Users claim that the platform has deducted ₹99 from their accounts without prior notification.
A prominent crypto influencer, Ajay Kashyap, shared multiple posts over the past few days regarding this growing concern. In his latest X post, the influencer addressed the company as a “fraudster,” shedding light on the issue. According to him, the platform has been scamming Indian crypto users, using their funds for PR campaigns, and exploiting them again with the WazirX ZERO service. He added, “WazirX has forcefully deducted 120 INR from all dormant accounts, saying they have opted for “WazirX ZERO”.
One of the community members stated,
“Many of us stopped using Wazirx after no withdrawals from past 2 years but Nischal found another way of doing [theft]…Wazirx 0 a new program that everyone gets auto subscribed to for INR 99 per month… I had 1200inr in my wallet and they took 100inr without consent.”
Is the Indian Government’s Lack of Awareness an Opportunity for Exploitation?
The Indian authority is currently taking a cautious approach to cryptocurrency despite global countries embracing it. Under the current system, cryptocurrencies are seen as Virtual Digital Assets (VDAs) and are subject to a 30% tax on gains.
The Reserve Bank of India has raised concerns about the risks associated with digital assets, including money laundering and financial instability. Instead of taking a clear regulatory position, the country is reportedly remaining indifferent.
Notably, influencer Kashyap added that WazirX is taking advantage of the Indian government’s lack of awareness and regulatory clarity. This means that the crypto exchange is misusing this vulnerability to exploit users. He added,
“WazirX is still holding user funds without full transparency !! And now they still have the audacity to forcefully auto-deduct from all accounts that have NOT opted for the service and that too WITHOUT their consent.”
WazirX Hack: Is there Another Chance to Regain Trust?
Notably, in 2024, WazirX fell victim to a $230 million security breach. While the reimbursement plan following the WazirX hack still remains incomplete, this auto-enrolling program has cast a shadow over the platform’s credibility and reliability.
As noted by a user, the community feels once again betrayed by the exchange’s move. The user wrote,
“As a loyal WazirX user, I thought we must give the Nischal Shetty team another chance in this crypto space. But they again decided to deceive their users. So, everyone auto-enrolled to this WazirX ZERO, and without our consent we are now auto-charged and invoices are sent to our mails, without any prior notification or anything.”
In conclusion, the WazirX saga remains challenging, highlighting the risks associated with crypto. Now, users are awaiting the platform’s response to their concerns.
