As a long-term crypto investor and active member of the Indian crypto community, I have witnessed the ups and downs of this exciting but volatile market. The recent hack at WazirX, India’s largest crypto exchange, left me feeling disheartened and concerned.
The substantial hacking attempt on WazirX, India’s leading cryptocurrency exchange, caused a ripple effect throughout the global crypto sphere, leaving the web awash with conjecture, views, and theories.
On Thursday, as reports surfaced of a significant security incident at WazirX leading to the loss of approximately $234.9 million in funds, cryptocurrency enthusiasts expressed their opinions on the matter through various online forums such as X (previously known as Twitter) and Reddit.
Several individuals argued that the attack on crypto in India, which is currently struggling with steep taxes on cryptocurrency income, might slow down the rate of crypto adoption in the country.
Saleem Lala, a well-known figure in the cryptocurrency community, expressed concern via tweet: “The most displeasing aspect of the Wazirx hack is that if the stolen funds aren’t recovered, users will be unable to deduct losses from their taxes. They must continue paying taxes on their gains while forfeiting the right to claim their losses.”
The disclosure of this security vulnerability has sparked a wider debate about the importance of enhanced safeguards within the industry. Numerous individuals have criticized the absence of responsibility and accountability practices among crypto sector leaders.
Naimish Sanghvi, the founder of Coin Crunch India, voiced his worries: “WazirX is pointing fingers at Liminal. Liminal retaliates, accusing WazirX. Unfortunately, the affected users may not be able to recover all their funds. No one in India seems willing to accept accountability. When Buyucoin was breached, they initially denied the incident while we had records of their user base.”
Hariharan Iyer, a renowned blockchain developer, expressed his concerns, remarking, “A 30% tax, TDS, intricacies with off-ramps, and now the largest cryptocurrency exchange hack in India. Being a crypto investor in India at this moment surely isn’t an easy task. It is uncertain how much of the $235 million was user funds, but if it represents a significant amount, the government will likely take stern action against WazirX (and possibly other platforms as well).”
Mudit Gupta, a security specialist and examiner, offered a more detailed viewpoint: “The Indian MtGox-like incident occurred. Farewell WazirX. Prepare for another potential restriction on cryptocurrencies in India. Centralized trading platforms contrast fundamentally with decentralized finance and digital currencies, but politicians may exploit this hacking incident to sully crypto’s reputation and impose new restrictions.”
In a lighthearted approach, Kanik Rajput posted a humorous meme during the ongoing crypto taxation debate. The image featured India’s Finance Minister and read, “Hackers must pay a 30% tax.”
The incident at WazirX has undeniably sparked worries and underscored the importance of bolstering security in the crypto exchange sector. With probes ongoing, the cryptocurrency world remains attentive to how WazirX and similar entities handle this predicament.
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2024-07-19 10:12