As a seasoned crypto investor with years of experience under my belt, I find the recent developments at WazirX troubling. The cyber attack that occurred over 44 days ago and resulted in a staggering loss of 45% user funds is already concerning, but the subsequent revelation of a discrepancy in reported total user balance from $570 Million to $546 Million raises even more questions.
44 days after suffering a significant cyber attack that led to a 45% reduction in users’ funds, WazirX cryptocurrency exchange confessed on Saturday that they had accidentally inflated the reported total user balance, which should have been $546 Million instead of $570 Million.
The discrepancy was first reported by popular Indian crypto influencer Aditya Singh @cryptooady on ‘X’, while observing the affidavit report filed by WazirX’s parent company Zettai in the Singapore High Court.
On July 18th, WazirX suffered a cyber attack leading to a massive theft of 45% of user assets, equivalent to $234 Million in total. In response, the exchange is seeking protection from the Singapore High Court to explore potential solutions for the affected users who are urgently demanding reimbursement for their stolen funds.
Following influencer Aditya Singh’s exposure of inconsistencies in user funds at WazirX, the exchange subsequently revised its reported total user balance from $570 million to $546 million. Notably, after Singh posed a series of questions about transparency within the exchange, he was blocked by co-founder Nischal Shetty on X.
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2024-08-31 22:12