Nischal Shetty the owner of Wazirx , who claims $230 Million was hacked is working on a new startup called Shardeum.

Shardeum appears to be yet another attempt by Nischal Shetty to exploit the crypto industry. This is the same individual who previously ran WazirX, a crypto exchange in India, and one day claimed that $230 million in customer funds had gone missing. His excuse? He “forgot” to store this enormous sum in a cold wallet, a level of negligence that’s not only irresponsible but hard to believe. The fact that such a large amount was left vulnerable in a hot wallet raises serious questions about his intentions and the security practices of the exchange.

At one point, Shetty also claimed that WazirX had been acquired by Changpeng Zhao (CZ), the owner of Binance, one of the largest and most reputable crypto exchanges in the world. However, when the scandal around the missing funds broke, both Shetty and CZ began to publicly blame each other, shifting responsibility back and forth. This lack of transparency and accountability has led many to suspect that the entire situation may have been a conspiracy between the two, with both parties involved in misleading the public and avoiding culpability.

What’s even more outrageous is Shetty’s boldness in now launching Shardeum, a new crypto startup, as if the WazirX debacle never happened. Instead of facing consequences, he’s moving forward, presenting himself as a legitimate entrepreneur while leaving a trail of victims who have lost their hard-earned money. The fact that someone with such a questionable track record can continue to raise funds and develop new ventures tarnishes the entire crypto space.

People should be extremely cautious about investing in Shetty’s new project. His past actions indicate a pattern of behavior that prioritizes personal gain over investor security, and there’s a real risk that history could repeat itself. The crypto community must hold individuals like him accountable to prevent further damage to the industry’s reputation. Anyone even remotely considering investing in Shardeum should be warned—this is not a risk worth taking given his past.