Nischal Shetty Debunks FUD, Confirms Court Hearing on May 13 for Fund Release

WazirX has delayed the release of its remaining user funds—again. The new timeline is now set for May 2025, stretching an already long wait even further. For users who’ve been hoping to get their money back soon, this news comes as yet another setback. The platform mentioned internal reasons for the delay but didn’t share any clear details. That silence is stirring up fresh worry, with many in the crypto community wondering if the exchange will actually follow through.

So what’s really going on behind the scenes? Let’s break it down.

Nischal Shetty Responds

nischal shetty nischal shetty Nischal Shetty is the Founder of India’s largest and extremely trusted crypto exchange platform called WazirX. He is an entrepreneur who is passionate about technology, blockchain, crypto, and innovation. Founded WazirX in 2018 with a mission to involve every Indian in the blooming Blockchain revolution, built along with a team of passionate blockchain believers and hardcore traders. At present, he is also serving as Committer at Shardeum since February 2022 which is a sharded, infinitely scalable, community-driven completely decentralized layer 1 blockchain firm.
 
In 2010, Nischal became the Founder of Crowdfire which is a Software development company based in Mumbai. Via Crowdfire he helps individuals easily manage their social media profiles around multiple platforms by bringing them into a single and simple interface. Nischal Shetty began his career life holding and leading the position of Software Executive at 31 Infotech developing virtual solutions in Java and related technologies. Whereas In January 2009, he Founded Twi5 which is one stop place for discovering all the best Twitter applications and attracts thousands of visitors every day. Apart from this, he adores sharing his opinions on technology, development, and innovations. Nischal Shetty has been honored with several awards and recognitions some of which include Forbes 30 under 30, and the Inspiring CEO’s award by ET.  EntrepreneurDeveloper/ProgrammerChief Executive OfficerAuthor , co-founder of both WazirX and blockchain project Shardeum, responded to the growing concerns about the delay. In a post on X, Shetty called the rumors surrounding the situation baseless FUD – short for fear, uncertainty, and doubt – and reassured the community that the process is still going according to plan.

The Next Step Before Funds Are Released

The confusion seems to be caused by a misunderstanding of the process. Many users believed that funds would start being distributed immediately after the recent user vote. However, Shetty pointed out that the next official step is getting approval from the court for the distribution plan.

That hearing is scheduled for May 13. Until the court gives the green light, WazirX cannot move forward with releasing the funds.

Timeline Is Still on Track, Says Shetty

Shetty stressed that nothing has been pushed back or delayed. The current timeline is still in place, and the legal process is a necessary part of making sure the funds are handled properly. It also helps protect both WazirX and its users.

He encouraged the community to ignore online speculation and stay focused on the facts.

Trust at Stake After Binance Split

WazirX has faced its share of difficulties, especially after its public split from Binance Binance – [email protected] Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment . This fund distribution has become a major step in the exchange’s effort to rebuild trust with its user base.

Shetty once again highlighted the team’s commitment to being transparent and keeping the community updated throughout the process.

Why It Matters

A lawful and orderly execution of the fund distribution plan is not just important for WazirX users; it also sets an example for how Indian crypto exchanges can operate under legal oversight. The outcome could influence broader sentiment around the Indian crypto ecosystem, which has been under increasing regulatory scrutiny.

For now, Shetty’s message is clear: everything is still on track, and users need to stay patient and confident. The next important date is May 13, when the court will review the distribution plan. Until then, the WazirX team says it will stay focused and continue sharing updates with the community.

May will likely be the month that defines WazirX’s future – one way or another.