News Scrap

The Indian crypto community is planning to inject a high level of negativity against the Pi42 Crypto exchange to prohibit entry into India Blockchain Week (IBW).

India Blockchain Week (IBW) is a popular crypto & blockchain-focused event that brings key stakeholders, including blockchain developers, entrepreneurs, policymakers, investors, and enthusiasts, together to discuss advancements, challenges, and opportunities in this innovative sector.

On 21 Nov 2024, The IBW team confirmed that Pi42 leaders will also join the conference, which is scheduled for 4 to 5 December.

Introducing @Pi42Exchange at the #IBW2024 Conference. 🪷

As India’s first Crypto-INR perpetual futures exchange, Pi42 is revolutionizing derivatives trading with zero TDS, no flat 30% tax, and loss offsets.

With over $1B in volume and 1L+ users in under a year, Pi42 is the… pic.twitter.com/inDA2eKOas

— India Blockchain Week (IBW) Conference (@IBWofficial) November 21, 2024

A Crypto X user dedicated to representing the WazirX customers against the WazirX hack incident dragged attention toward the Pi42 exchange’s engagement in the IBW event.

He said that Pi42 easily spent huge amounts of money to sponsor the event but never talked about WazirX customers. So he urged all the WazirX customers to unite & show intense pressure on the IBW team to kick out Pi42 Exchange from the event and also said that if IBW failed to show any action, then boycott the IBW event also.

This user today also told the WazirX customers to increase the intense pressure against the event over the involvement of Pi42 Exchange so that we can see some better developments in this matter just before the event.

This X user believes that if the Crypto community succeeded in removing the Pi42 exchange from India’s biggest crypto event, then it would be a direct message to the WazirX leadership that It’s unacceptable to promote other companies while primary business has disrupted the lives of millions of users.

Sometimes, a small victory is all it takes to keep the battle alive.@IBWofficial kicking @Pi42Exchange out of the event will be that victory, and we must ensure it happens before 4-5 Dec.

Why? Because it will send a clear message to the #WazirX team that their priority should…

— Justice for WazirX Users (@IndiasCrypto) November 30, 2024

WazirX & Pi42 Exchange relationship

Pi42 Exchange is India’s 1st Crypto-INR perpetual futures trading exchange, co-founded by WazirX CEO Nischal Shetty, and ZebPay former CEO Avinash Shekhar in Feb 2024.

As we know, the WazirX exchange was hacked 4 months ago & lost nearly half of the customers’ funds. Despite big claims of a restructuring plan by the Wazirx leadership, the exchange is forcibly holding customers’ funds.