Hello and Namaste Everyone
Last month wazirx crypto exchange was hacked and crypto worth $230 million was stolen. So far this is the biggest hack in the Indian Crypto market and this amount converts into 2000 crore INR. Undoubtedly a big amount in Indian currency and still the government did not talk about it. I'm sure they're aware of whatever has happened and how the people have lost their money through this exchange but still no government agency talked about it till now. It's been over a month, and users are still struggling to regain their remaining funds.
In India, Crypto withdrawal was never easy with most of the exchanges and now the exchange has not enabled the inr withdrawal. This is a tough time for the exchange users because they're not getting proper updates from the exchange side and it is obvious that the recovery of stolen funds will take a long time. Also, there is no security if they are going to get this amount back but users are more concerned about the remaining funds. At least they want to have custody of whatever is left along with whatever they have in their INR wallet. There are so many tweets on social media in which people are asking the exchange to enable the I N R withdrawal. They are also asking the exchange to enable the withdrawal of the remaining crypto.
Possibly the withdrawal enabled for crypto might take some time because the exchange will go through some legal process but there is no reason to hold the fiat currency withdrawal. There is no hay on the Fiat wallet so in the Idol scenario the exchange should have this money with them and they should be able to enable it immediately without any legal process. Sadly they haven't done it even after so many updates about the hack event and many other proceedings and users are still struggling to get their fiat money back.
This exchange was one of the biggest and trusted exchanges in the Indian market and now it is a stand that how this exchange is behaving to the users. It arises aside of questions can we trust any exchange going forward? It seems like no because no exchange is safe and if something goes wrong then also these exchanges do not try to support the community instead they try all possible ways to safeguard themselves.
It's really sad to see how people are going through tough times just because this exchange did not properly do their job. Their poor management of the wallets is why they hold 45% of Crypto in a single wallet, which is not standard in the Crypto market. How can they do this when they know very well what industry standards are and what should be the right practice they should follow? As a user, we try to diversify our holdings in different exchanges but, sadly, even the exchange did not follow the proper practice to ensure more safety of the user funds.
Thank you so much
Stay Safe