The importance of a community - And I have offered them to build with #hive
WazirX, the Indian crypto exchange in which I am a long time user, was hacked ten days back on July 18, resulting in a theft of $230 Million digital assets and trading has been temporarily (only time will tell) paused, which includes INR and crypto deposits/withdrawals. This represents a major chunk of investor money, and unfortunately, majority of the investors are those, who put their money earned with blood and sweat to get good returns in the forthcoming bull market. Just quoting couple of tweets on this to let you feel :
https://x.com/pprasantaprama1/status/1816368642164138093
A delivery boy earning only 300-350 INR , investing his hard earned money from 3 years.
https://x.com/Rahim8753khan/status/1816382449355792677
Another example - we should invest that much that we can afford to loose. Life does not stop there and suicide is not a solution.
Knowing that, recovering the stolen money is not easy, WazirX is now looking forward to the community to help them rebuild - we realize the value of community when we need help, but unfortunately, the community is not happy with their solution. They have offered 55% assets to be available for trading/withdrawals and remaining 45% converted to USDT and locked but then people have quickly pointed out the flaws in this model. The stolen money is roughly 50% of the total exchange asset, so that could be the reason, they would have come with this model. Even though many people point out the flaws, at the end, its most likely to be the way THEY WANT, moving forward. I have offered them to work with #hive to grow their business as India poses immense opportunity for both - you can see my comments in the above screen shot. I was recently made aware of the Distriator app by @starkerz and it provides great opportunity for India, where people can earn and spend crypto in their everyday life. The only challenge is the tax implication, and if an exchange supports it , that becomes very easy. And of course they get benefit of it, if they come forward to support fully. And I am sure, the #hive community will not disappoint as well.
A crypto influencer from India pointing the flaws in their proposal.
https://x.com/NischalShetty/status/1817129875611730291
Another user putting his perspective and WazirX defending their choice.
The hack definitely reminds about that popular phrase "Not your keys, not your crypto" but my thoughts are a step beyond that. Even if you have keys, there can be other setbacks ( what if you kept the key but die out of a heart attack and nobody else in your family knows !!) in life. You literally cannot control everything, unless its supported by the divine, so play with that much money, in crypto, which you consider as a bet that you can afford to loose.
I have invested good amount in #hive and had been buying USDT on WazirX ( my post 3 weeks back) to invest more, but thankfully, I withdrew all my USDT to binance, because it provides more options to buy. But even there is risk there, and in fact risk everywhere with crypto.
When I tried to transfer my USDT to Binance, the very first message was this :
This sounds simple but it aligns to the legal consequences, if not followed.
Before transferring the entire amount, I preferred to do a small transfer first, even though the minimum fees was not less.
After that went through, I transferred the rest of my USDT.
The money now is waiting for investment and I am exploring options ( part of it would come to #hive for sure), but it's not easy to invest in crypto. And I am sure, it will be more difficult to yield the profit, tax implication being the biggest challenge. We will discover only when we face it.......
And by the way WazirX is offering $23 Million Bounty Program to help them recover the stolen funds, in case any of you is capable and interested. More details here :
https://wazirx.com/blog/wazirx-bounty-program/
copyrights @sanjeevm - content created uniquely with passion for #HIVE platform — NOT posted anywhere else! #HIVE is my only social diary - my blog is my life.