Hey All,
WazirX crypto platform here in India faced a major cyberattack recently and it was reported that the exchange had lost $230+ million in losses where the crypto assets were stolen. The incident happened on Thursday i.e. on 18th July, 2024 and WazirX had confirmed the incident on their X space. With this security breach they had immediately stopped/suspend Indian rupee (INR) and crypto withdrawals to protect user funds while the issue is being investigated. I had done a post back then and you can refer the same - WazirX:: India Crypto Exchange Security Breach. Since then a lot of work has been done i.e. cyber complain, bounty program, pools were made to take feedback and what not and the sad part is that the exchanges users are still not allowed to withdraw their money and continue to stay on the mercy of WazirX crypto exchange.
Looking at their X account this is what they have posted recently and have promised that the suspension on withdrawals of INR balances will be lifted on 26 August 2024, and INR withdrawals will be enabled in phases. I hope this time they stay with their promise and allow users to withdraw their hard earned money. Seeing the comments of WazirX X account people are literally requesting the team to take action and atleast allow to withdraw what is not hacked and come up with a plan but then there are a lot of excuses and what not.
The discussions went on to an extent where the community had started to work on filing a law suite against the company but then I am not sure where currently it landed into. Seeing all this behavior from a renowned exchange can we say is our funds safe with them and in this case Can we say WaziX as FRAUD? My personal opinion is that ideally we should be relying on a CEX [centralized exchanges] to keep our major crypto assets. Just keep those funds which you want to swap and rest move it to a wallet where you have the keys of it. Remember the famous line - Not Your Keys, Not Your Coins. Well we will see how things unfolds on 26th August and I just hope they don't come out with another excuse and just keep their promise. Ideally they should be bearing all the losses as they are the ones who are making all the profit from all the trades that happen on the platform and when incident like these happens why are you seeking help from the community when you don't share any profit with them - it should be that simple. Well this should be it for todays' post and finally think twice before keeping a major chunk of your crypto assets in a centralized exchange where you don't own the keys to the wallet.... Stay safe out there.... cheers
Which Crypto exchange do you use? Do you use WazirX exchange? Crypto funds on WaziX - Withdraw? WazirX Vs Bitbns? Would love to hear your thoughts around it in the comment box below? Cheers
#wazirx #indiacrypto #cryptohack #securitybreach #inr #crypto
Best Regards
Image Courtesy:: wazirX, pro canva, twitter - X
PS:- None of the above is a FINANCIAL Advice. Please DYOR; Do your own research. I've have an interest in BlockChain & Cryptos and have been investing in many emerging projects.
