Quote from: Kingofcryptos on February 05, 2018, 02:55:05 PM

Wazirx - Another scam?

After Bitconnect ripped off people with their giant scam in the history, where millions of Indians lost their livelihood due to a scam perpetuated by its owners to the extent that Indian Government has to declare all cryptocurrencies as illegitimate. Another con-artist takes giant leap in fooling Indians with his so-called 150 million WRX give aways. After reading all information available in the whitepaper, on the website and their paid-advertisements all over the internet here is my piece of due diligence:

Tried to find Wazirxs token WRX on https://etherscan.io , but couldnt find it. So technically, such token does not exists, which Nischal is promising to give away almost 150 million of them for free.

Nischal promises to list the token on his own exchange Wazirx no where else. So basically its like you start school and give PhD to yourself! May be his goal is to play around with the price for initial few days by leaving only 15% with public, then every time it reaches his target, dumping whatever he holds in the market and make money from people. That sounds fishy to me so this 15% is nothing but a bait to attract fish to him and then he can steal their money.

I read paid-news articles and all the information provided on website, no where I found where the company or its exchange Wazirx is registered and if they have obtained appropriate licenses to operate such business in India. May be he registered the company somewhere outside India in the wild world of some remote island where no one can reach him. So basically, you do not have any legal recourse if you are scammed by this con-artist. The best part is that Nischal is boasting about 'Transparency' he wants to bring in crypto-world through Wazirx, then sir, why not start with you?

This is the reason Indias FM Mr. Jaitley does not want to allow people to get in cryptocurrencies because all this con-artists are taking the disadvantage of bitcoin fancy in India.

My piece of advise, stay away from cryptos and if you want to get in go with established exchanges and last but not least dont fall for the free giveaways. There is always something you are compromising. If nothing all, then your private information (like your PAN card, aadhar card, phone number, birthdate) which either will be misused by this company or sold to some other scammer who will scam you of all your money.

It is great that you share such information but you do realise that what is making people being scammed in the crypto space is so much greed. I doubt that this will stop people from investing but a wise one will do his due diligence before investing.