On 18 July 2024, WazirX was hacked. Exactly a year later, on 19 July 2025, CoinDCX faced a hack. The difference? WazirX has spent the last year hiding behind a moratorium scheme, using users’ funds for legal battles against those very users and covering its own expenses. On the other hand, CoinDCX openly stated that the exchange will bear the loss and ensured that users’ funds remain unharmed.

After the WazirX hack, they immediately froze both crypto and fiat withdrawals but kept deposits and trading open until 21 July 2024—three days after the hack. It was only after crypto KOLs called them out on Twitter that WazirX stopped trading and deposits. CoinDCX, however, has not halted withdrawals; people can freely withdraw their funds, and co-founders Sumit and Neeraj are giving regular updates every few hours.

This is the difference between a pretend leader and a true leader. Nischal Shetty has made nothing but false promises for a year, while CoinDCX’s founders have acted without making any empty claims. I am neither biased nor anti-anyone—whoever works for the community will be appreciated, and whoever exploits it will be called out. If tomorrow Sumit Gupta or any other Indian crypto exchange CEO does wrong, I will write against them too.

What are your thoughts on this? Do you believe Nischal Shetty will return users’ funds?