“What Independent Voting?” WazirX Users on Kroll’s Conflict of Interest

Imagine wide elections being held successful India. The incumbent premier curate asks his firm “best buddy” to put for physics voting machines (EVMs) and behaviour elections for 1.4 cardinal people. To guarantee “transparency”, the EVM results volition beryllium vetted by a 3rd party.

Sounds ludicrous ? This is precisely what WazirX cryptocurrency speech absorption has planned for its 4.4 cardinal users who volition ballot for their stranded funds from March 19-28. Wazir’s ineligible spouse Kroll Information Services (KIS), which has been paid retired of users’ funds, is present entrusted with conducting voting to get their restructuring strategy approved.

Several users connected X (formerly Twitter) person pointed retired this evident struggle of involvement successful the upcoming voting and wondered whether the full process is so “fair and transparent” arsenic claimed by WazirX management.

Kroll Information Services (KIS) was hired by WazirX, successful the aftermath of Rs 2000 crore cyber hack against the speech successful July 2024. Since the hack. the speech absorption has suspended trading, withheld remaining idiosyncratic funds and hired Kroll to streamline their creditors’ claims. Incidentally, KIS has been paid their ineligible fees, retired of Rs 100 crore money of WazirX users.

Both WazirX and Kroll person unneurotic travel up with a restructuring program wherever each 4.4 cardinal users volition get 85% of their portfolio magnitude backmost by April oregon May 2025 and the remaining 15% successful the adjacent 2-3 years. WazirX has to get this restructuring strategy approved successful Singapore tribunal and for that, it needs to beryllium bulk voted successful their favor.

WazirX has claimed that betwixt March 19-28, Kroll volition behaviour voting for 4.4 cardinal users and aft a 3 time interruption (no crushed given), the voting results volition beryllium handed implicit to 3rd enactment ‘Alvarez and Marsal (A&M)’ to independently measure them from April 1-8. The last results volition beryllium declared connected April 11, 2025.

It is imperative to enactment that the inclusion of a “third enactment autarkic assessor (IA)” has been done lone aft the Singapore tribunal asked WazirX to bash to guarantee minimum transparency. Prior to that, WazirX had kept speech idiosyncratic funds amounting to Rs 100 crore arsenic portion of ineligible and admin fee, and Kroll has been paid from the aforesaid fund.

So, successful airy of these circumstances, conducting polls for 4.4 cardinal WazirX becomes an evident struggle of involvement for Kroll. The ineligible steadfast has been paid retired of WazirX users’ pockets to guarantee streamlining of restructuring strategy floated by the speech management, and present it has to behaviour voting of users to guarantee that the strategy is passed.

If this is not farce, past what is?

Also Read: WazirX ineligible spouse Kroll to clasp voting of users from March 19-28