As a long-time crypto investor who has seen the rise and fall of numerous exchanges, I must say that WazirX’s recent actions have left me feeling more like a castaway on a deserted island than an investor. The lack of transparency and communication since the hack in July is not only frustrating but also raises serious concerns about the safety of my investments.
Users are expressing significant worries due to WazirX’s upcoming system maintenance notice, as they’re already dissatisfied with the platform’s insufficient transparency. Since the hack incident in July, deposits and withdrawals have been halted, leaving numerous investors feeling deserted and unheard.
The tweet disclosed that all services would be out of service from 10 PM on October 28 until 3 AM on October 29 due to a system upgrade. Unfortunately, this information has sparked anger among users because comments on the post are not allowed, making some feel ignored or unable to express their concerns.
It’s now been over 3 months since the July 18 hack, allegedly resulting in a loss of around ₹2,000 crores, and users are yet to be able to withdraw their money.
Ajay Kashyap, bluntly asked, “Are there any services which were available?”
Simultaneously, Twitter user @Indiascrypto expressed dissatisfaction with WazirX’s recent inactivity, questioning, “Why did #WazirX fall into a slumber following the moratorium approval? Why not initiate the voting for the restructuring plan and wrap it up instead?
Additionally, he expressed exasperation by saying, “Should WazirX continue to drag on at this pace, what can possibly be achieved within the given 4-month timeframe?
Enhancing the unease among users, WazirX recently released a Proof of Reserves (PoR) report; however, critics contend it appears more like a “Proof of Risk.” In compliance with a court order from Singapore, the platform revealed that approximately ₹1,067 crore ($126.91 million) of user funds were moved to Bybit, KuCoin, and HTX exchanges following a hack. This revelation leaves many users concerned about the security of their assets.
It seems that the assurance provided by WazirX regarding the security of users’ funds is intended to instill confidence, but their lack of transparency in communication and persistent limitations on withdrawals have led some to wonder if these promises are sincere efforts for reassurance or rather strategic attempts to manage potential damage.
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2024-10-28 11:16