Hello and Namaste Everyone,
Wazirx crypto exchange was hacked in July and even now the users are struggling to get their remaining funds back. I have discussed it a few times in the past and how things are going on for Indian users in the market in the Indian community. The exchange has not been cooperative after the hack and they have been doing what they want instead of what is good for the community. Earlier some other crypto exchanges were talking about it but not anymore and I don't know what is stopping the mall from talking about it. The Indian government is anyway not supportive of crypto users so all these are not going to help the users who are not getting their funds back from the exchange.
Now after all this drama created by the exchange, there is another update the exchange is planning to launch its decentralised exchange. They are saying that this is the new strategy through which they will also launch a recovery token that will be used to repay the amount to the users. I don't know how this is going to work but I was going through the social media updates on Twitter. With this announcement, users are not happy and they want their money to be refunded as soon as possible. They're not getting the answer to their question and the exchange is doing cherry picking up the questions. They answer what they want to and they just ignore the relevant questions.
Just imagine if the exchange launched its decentralised exchange then how is it going to work? Because it is decentralized so no need to deposit the crypto there but I believe that things will not be very transparent. The team is not reliable for sure because we have seen how they have behaved after this hack event. Team is a very important part of any project so if the team is not taking things seriously and they do not care for the community then it is better to stay away from them. They have already a couple of projects working or about to launch soon but I think after this incident they have lost their credibility.
I have used this exchange but because I'm not a heavy user and I trade so I am not the type of user that might help the exchange to earn more revenue. However, I still say that I will not be using their projects anymore because I do not want to be part of anything that is not community-centric. It's OK what they are going to do and I'm not fine and aligned with their plans. They can do whatever they want but I will not use their services because I feel they are unreliable people and as a user, I just make a distance from them. Luckily I had no funds in their wallet so I did not lose anything but I cheque on social media and see how people are going through tough times.
These are the people who made this exchange the number one in India but in return, they did not do anything that deserved them to be on the top. It's better if we as the Indian community don't use their products and services anymore to teach them a lesson that ignoring the community is very bad.
Thank you so much
Stay Safe