How is that possible Wazirx is still Working even after Raids on Bank Accounts

livingfree

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Quote from: noorman0 on August 13, 2022, 12:25:54 AM

Quote from: livingfree on August 12, 2022, 04:37:01 PM

-snip-
I guess this is one of the reasons why their partnership with Binance is gone.

I don't know about this news, isn't wazirx still being acquired by binance? My assumption can be something like, Binance temporarily bails out liquid funds so that it continues to serve user withdrawals on the other hand Wazirx can't do anything.

I can't tell if there's an acquisition that's about to happen. But before, I used to see them on my Binance account but upon checking last time, they're no longer in Binance.

I guess Wazirx is on its own and I don't see any news about their partnership going strong instead, CZ has became active telling some warnings and that must be a clue.

stompix

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Blackjack.fun

Quote from: avikz on August 12, 2022, 10:25:41 AM

Also they have got backing from Binance. Wazirx is a part of Binance. So CZ is very protective about the brand he had built. Unless Indian government decides to completely close down their business, you money should be safe.

And you really believe that?
Because as always, when shit hits the fan CZ is backtracking on all statements and starting his web of lies again..

First thing first, he tells you to get your money out of Wazirx

Now, the real problem:

Binance does not own any shares in Wazirx because

the transaction was never completed despite him claiming on Twitter

Now, give me one reason to trust CZ and one reason not to call him a lying piece of you know what!

noorman0

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[Nope]No hype delivers more than hope

If the office raid is not accompanied by an order to stop the exchange's operations, then the withdrawal will be successful regardless of how Wazirx's source of funds was obtained.

Quote from: livingfree on August 12, 2022, 04:37:01 PM

-snip-
I guess this is one of the reasons why their partnership with Binance is gone.

I don't know about this news, isn't wazirx still being acquired by binance? My assumption can be something like, Binance temporarily bails out liquid funds so that it continues to serve user withdrawals on the other hand Wazirx can't do anything.

livingfree

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I've always seen them on Binance but after some recent attacks and hacks, I guess this is one of the reasons why their partnership with Binance is gone.

Quote from: stompix on August 12, 2022, 08:06:12 AM

The moment an exchange says don't panic, funds are SAFU, is time to get out of there as fast as you can.

True.

Even it is Binance, that panic can't be gone to all of those affected people's fund. If Wazirx opens the withdrawals again, I hope that most of the funds and users there learns the lesson that we always keep on telling to everyone to don't store funds in exchanges.

avikz

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Nishchal is a rock solid guy so if you have funds in your Wazirx account, it should be all safe. Unless the Indian government decides to close their offices and arrest the directors (which they can), you should be good with your holdings.

Also they have got backing from Binance. Wazirx is a part of Binance. So CZ is very protective about the brand he had built. Unless Indian government decides to completely close down their business, you money should be safe.

stompix

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Blackjack.fun

The moment an exchange says don't panic, funds are SAFU, is time to get out of there as fast as you can.
Even if it doesn't go bankrupt, you don't lose a thing, but if it does...
As for the main question, it might be just how MtGox managed to stay afloat when the Dwolla funds were freezer or when Mizuno stopped servicing them, it stayed afloat using third-party solutions but slowly it reached a point where it would have collapsed even without the hack.

Anyhow this is pretty easy to check with so many users having an account here, you can ask some friend to show you the details of a successful withdrawal, in his bank statement he should have all the info, if the payment comes from a different source than in the past it means things have definitely changed, if it's the same account then there was nothing but a hiccup.

Either way, stay away from an exchange that even its founders have problems identifying who actually owns and operates it!

goldkingcoiner

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Verified Bitcoin Hodler

Quote from: talkoncrypto Official on August 12, 2022, 06:53:02 AM

Well just stumble upon a tweet by the co founder Nischal Shetty claiming that Wazirx bank transfers from INR/Crypto is still working , How is that possible that even after being raids on its bank accounts and office , they still be able to manage by cashing out people INR withdrawls, Are people facing any issue or its a fake claim, has gone through various social posts where people are saying they are unable to withdraw funds, Who is right the co founder or the users...

What can happen

1) Are the people who are claiming to withdraw funds are their own men

2) Are real people been able to withdraw funds as all the ED fuss is still going and their bank accounts still operating

3) The seized funds are just temporary unhold so as to ensure people get their funds back

4) What could be the long term impact on users,

5) Is wazirx innocent or guilty of being in a fraud/laundering or anything of such activity

Opinion :

Wazirx is still going under doll drums and is somehow trying to sustain its image or Will it come out of this mess clean

As far as to your question of what could be the long term impact on users, I would wager that a lot of people either will not be able to withdraw, or will have their accounts frozen. It would not surprise me if a third world business like Wazirx was indeed scamming/laundering money. Not to sounds ignorant but poorer countries are notoriously less disciplined when it comes to not scamming or stealing. But I am sure there are socio-economical reasons why people in those countries do that.

What else can users do except sit and wait for something good to happen? All their clients money is in their hands. This is why I only make sure that my money is always out of reach of centralized third party members. Like Wazirx.

DaveF

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Crypto Swap Exchange

Not familiar with the exchange or the seizing issues that it had but I can see both being true. The government did not get all their accounts so *some* money is being released.
Same way other exchanges have exit scammed in the past. They pick 2 numbers say $75000 and $100000 I am using USD since I am in the US. The $100000 is what can be withdrawn in total, the $75000 is what they are pulling small withdraws from. Anything under $225 is pulled from the $75000 pool of cash so there are many small people posting that yes they can withdraw. The remaining $25000 out of the $100000 is for selected large withdraws so there will be discussions about how I got my $1500 out or your got your $2900 out and everything looks 'legit'.

The pool of $10000000 that they had is now $9900000 and they run with that.....

-Dave

talkoncrypto Official

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Merit: 37

Well just stumble upon a tweet by the co founder Nischal Shetty claiming that Wazirx bank transfers from INR/Crypto is still working , How is that possible that even after being raids on its bank accounts and office , they still be able to manage by cashing out people INR withdrawls, Are people facing any issue or its a fake claim, has gone through various social posts where people are saying they are unable to withdraw funds, Who is right the co founder or the users...

What can happen

1) Are the people who are claiming to withdraw funds are their own men

2) Are real people been able to withdraw funds as all the ED fuss is still going and their bank accounts still operating

3) The seized funds are just temporary unhold so as to ensure people get their funds back

4) What could be the long term impact on users,

5) Is wazirx innocent or guilty of being in a fraud/laundering or anything of such activity

Opinion :

Wazirx is still going under doll drums and is somehow trying to sustain its image or Will it come out of this mess clean

Topic: How is that possible Wazirx is still Working even after Raids on Bank Accounts (Read 86 times)