As an analyst with years of experience in the crypto space, I find myself increasingly concerned about the ongoing saga at WazirX. The lack of transparency and follow-through on commitments made by Nischal Shetty, the exchange’s CEO, is troubling. It’s disheartening to see users, like Aditya Singh, having to manually verify the reserves due to the absence of live Proof of Reserve (POR).
The crypto enthusiasts are currently riding high on the Bull market surge, whereas users of WazirX continue to anticipate access to their funds. Previously, Nischal Shetty, head of WazirX exchange, pledged to present real-time Proof of Reserve (POR) to enhance transparency; however, he has once more fallen short in fulfilling this promise.
Aditya Singh, a well-known Indian crypto expert, conducted an investigation into various WazirX digital wallets to determine the present USD worth of the remaining cryptocurrency. To his surprise, he discovered that the average USD value had risen by 30-40% thanks to the Bull Run.
In the past few hours, I’ve been examining various Wazirx on-chain wallets to determine the current USD value of my remaining cryptocurrency. It appears that, on average, the USD value has surged by 30-40% because of the Bull Run. Here are some examples for comparison. Unfortunately, I had to perform this task manually…
— Aditya Singh (@CryptooAdy) November 28, 2024
The research he conducted was manual because the exchange did not provide live POR. However, Nischal committed and said that the team will provide it publicly.
As stated in the WazirX blog published on October 25, 2024, the team shared that they have posted a Proof of Reserves (PoR) on their website, which was based on a snapshot taken on October 24, 2024. Recognizing the importance of third-party validation, they are also collaborating with CoinGabbar, a well-known third-party platform, to provide a live updating PoR. This twofold strategy strengthens trust and transparency by providing both self-generated and third-party generated Proofs of Reserves.
Aditya’s research highlights the significant difference in value between the “Initial Price during Hacking Incident” and the “Present-day Price” for various cryptocurrencies. To illustrate, the total Bitcoin ownership grew from approximately $77.39 million at the moment of hacking to $109.91 million according to recent data, equating to a rise of $32.52 in value.
Similarly, the worth of Tron (TRX) rose from approximately $26.65 million to $33.26 million, representing an increase of around $6.61 million. While many of the assets highlighted in the study have experienced significant growth, some other assets have seen their value drop during the same timeframe.
Additionally, it’s worth noting that the data provides insights into the performance of various alternative cryptocurrencies such as Ethereum, Ethereum Classic, Decred, and Iota. These digital currencies experienced significant price increases during the recent market upswing.
In response to the current situation, WazirX users expressed their discontent. One user humorously commented, “I believe Nischal would excel in demolishing promises, he should start a Demolition company.” Another user stated more straightforwardly, “Nischal made many commitments, but none were kept.
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2024-11-28 15:33