Day by day we are hearing more form WazirX and it's been trending on news these days.
WazirX offically confirmed that people will be losing 43% from their portfolio.
Well, that's the sad part of holding your coins on exchanges.
I personally didn't have anything on it and I hope none of you guys did too.
Topic: WazirX has been hacked! (Read 302 times)
In a way they have announced to the community that they will be shutting down their exchange in the future. As I have written earlier what happened was a insider job as this exchange did declare in the past that they have a few months to continue their existence. Last year the topic that was published by a notable cryptocurrency media outlet was: Indian Crypto Exchanges Are in Survival Mode, Trying to Extend Their Runways
For now, it's all just speculation but with the effort they are taking I hope they are trying to make a comeback cause they know the potential market is huge even though the regulations are not crypto friendly people would be afraid to use p2p services so their safe bet for now is trading on an exchange and since Binance made their comeback it's not gonna be easy for wazirx but if they managed to survive there is still room for them to develop from here.
I am saying this because no exchange is hack free, even Binance was hacked but they are too big enough to manage the flow without holding their operation for this long.
Update: WazirX announces INR withdrawals will resume on Aug. 26
And I checked the update myself, yes now the withdrawal of INR is available on wazirx, but you can only withdraw up to 2/3 of your balance means your 34% will be frozen for a while, but it's good news so that anyone who had their INR stuck with the exchange can withdraw them now.
BTW, still the deposits and withdrawals of cryptos are still not available.
And I checked the update myself, yes now the withdrawal of INR is available on wazirx, but you can only withdraw up to 2/3 of your balance means your 34% will be frozen for a while, but it's good news so that anyone who had their INR stuck with the exchange can withdraw them now.
BTW, still the deposits and withdrawals of cryptos are still not available.
That is one heck of news and I understand why they have restricted the withdrawal. What the users are getting is far better than getting nothing at all which could have been the worst news. I am okay with halting the deposit and withdrawal of the cryptocurrencies as they are not taking any risk as of now. But, it will not be appreciated by those users who I think are in fewer numbers who were using this exchange for trading.
In a way they have announced to the community that they will be shutting down their exchange in the future. As I have written earlier what happened was a insider job as this exchange did declare in the past that they have a few months to continue their existence. Last year the topic that was published by a notable cryptocurrency media outlet was: Indian Crypto Exchanges Are in Survival Mode, Trying to Extend Their Runways
Update: WazirX announces INR withdrawals will resume on Aug. 26
And I checked the update myself, yes now the withdrawal of INR is available on wazirx, but you can only withdraw up to 2/3 of your balance means your 34% will be frozen for a while, but it's good news so that anyone who had their INR stuck with the exchange can withdraw them now.
BTW, still the deposits and withdrawals of cryptos are still not available.
And I checked the update myself, yes now the withdrawal of INR is available on wazirx, but you can only withdraw up to 2/3 of your balance means your 34% will be frozen for a while, but it's good news so that anyone who had their INR stuck with the exchange can withdraw them now.
BTW, still the deposits and withdrawals of cryptos are still not available.
A sudden rise in newbies interested on the Indian local board. I won't think about negatively contribution but sudden emergence of old forum accounts which are solely into Bounties suprised me. I feel these are alts that of someone who has been here for a long time and I do think it is not good to do such things. It is evident that we do not get new members organically. I think the one whom I am asking should stop doing such shit.
Bruh don’t expect much to come out of this now its pretty much gone. I had funds in Cryptopia when it was hacked and theres still been no progress. Its all stuck in legal proceedings and they keep asking for every detail about your transactions including dates and so on. Proving that youre one of the investors is incredibly difficult. Only move your funds into these exchanges when you need to withdraw in local currency. Otherwise keep them in a secure personal wallet.
I understand your point and I dont expect the government to protect crypto investors like they do in the stock market. However they push us to use local exchanges and impose a flat 30% tax on our gains yet offer no protection when things go wrong. It feels like we're left to navigate this wild west on our own. I appreciate your advice about not using hot wallets for storing coins. I have learned my lesson and Honestly I'm not expecting much progress on the WazirX hack
It’s a hard lesson but definitely one I won’t forget. It’s really unfortunate that India doesn’t have any policies in place to protect crypto investors.
How do you expect the country to have a policy to protect a investor? This is not the stock market.This is one place that is still the wild west and the government's stance on crypto is that "dont go into them, we dont like them". Hence you are on your own here and the same preventive measures we take on the international market, the global forum here, is applicable to them too.
This includes not using their hot wallets as a store for your coins.
It’s a hard lesson but definitely one I won’t forget. It’s really unfortunate that India doesn’t have any policies in place to protect crypto investors.
The famous quote that comes to my mind in your scenario is that ,"The hardest lessons are often the most valuable". It is now evident that you made a big mistake but your positive attitude shows that you have now learned and that now you are again ready to face the world.
It’s a hard lesson but definitely one I won’t forget. It’s really unfortunate that India doesn’t have any policies in place to protect crypto investors.
Thanks for the advice. I’ll definitely look into moving my funds to a personal wallet and making sure I have a backup. It’s a tough lesson learned, but I appreciate the guidance. Hopefully, WazirX can resolve this issue soon, but I have my doubts. I had stored my funds there to withdraw for my monthly payments. With so many P2P scams, I felt like I had no other choice.
Sorry about your loss it is indeed a tough lesson learnt. Always remember not your key, not your coin, and never believe in a CEX to keep your coins. They can always be hacked or a rogue employee and take your money and elope without any trace. India does not have any policy or law to safeguard those who are in the crypto business. It is a hard time now but slowly things might change for the community if by September of this year, a regulatory framework is put in place by the government.
Thanks for the advice. I’ll definitely look into moving my funds to a personal wallet and making sure I have a backup. It’s a tough lesson learned, but I appreciate the guidance. Hopefully, WazirX can resolve this issue soon, but I have my doubts. I had stored my funds there to withdraw for my monthly payments. With so many P2P scams, I felt like I had no other choice.
Storing my funds on WazirX now feels like the worst decision I could have made. With the recent hack, I'm genuinely worried about the safety of my assets. Does anyone have any advice or updates on the situation? I’d really appreciate any information or recommendations on what to do next. Thanks
Keep your funds in your personal wallet and always have a backup of your wallet. Never store funds on any exchange wallets because if things go wrong then you will lose funds. This is what has happened to those who used Wazix exchange wallets to store funds. They are not able to withdraw or trade from the exchange wallets because funds were stolen by the hacker.
Storing my funds on WazirX now feels like the worst decision I could have made. With the recent hack, I'm genuinely worried about the safety of my assets. Does anyone have any advice or updates on the situation? I’d really appreciate any information or recommendations on what to do next. Thanks
As of now they announced bounty for whoever can help identify/recover the stolen funds and also I read that they contacted many exchanges all around the world to stop the funds funneling via their platform along with registered compliant with FIU.
I do not know how effective the bounty program will be but an investigation needs to be done. I am not aware if those who have lost their funds have contacted the local PS to raise a complaint. If they have not then nothing will happen and the exchange will come up with all sorts of excuses. The worst part of this issue is the exchange has halted all kinds of withdrawals but has not stopped accepting deposit.
Above all it is a multi signature wallet and someone from the inside would be aware of any flaws in the system. As of now they have stopped all withdrawals but are still accepting fiat deposit.
As of now they announced bounty for whoever can help identify/recover the stolen funds and also I read that they contacted many exchanges all around the world to stop the funds funneling via their platform along with registered compliant with FIU.
So far there is no proper inimation given to users about this hack I opened their app they seem to be coninuing as usual which is red flag and not being transparent backs up there's something definitely going on inside.
For now better not to use the exchange at all until they gets cleared with this thing.
I got to know about this news today morning and I was wondering the same, I think it's an inside job.
Otherwise, how could it be possible to steal the funds from a multi-sig wallet.
After all, WazirX has been in the space for quite a long time now and a weak security from them is definitely not expected.
Otherwise, how could it be possible to steal the funds from a multi-sig wallet.
After all, WazirX has been in the space for quite a long time now and a weak security from them is definitely not expected.
That is the point it is not a new exchange that got robbed due to technical issue. There will be multi layer of security measures and firewalls in place to avoid such hacks. Above all it is a multi signature wallet and someone from the inside would be aware of any flaws in the system. As of now they have stopped all withdrawals but are still accepting fiat deposit.
is it joeover 😭?
I got to know about this news today morning and I was wondering the same, I think it's an inside job.
Otherwise, how could it be possible to steal the funds from a multi-sig wallet.
After all, WazirX has been in the space for quite a long time now and a weak security from them is definitely not expected.
Otherwise, how could it be possible to steal the funds from a multi-sig wallet.
After all, WazirX has been in the space for quite a long time now and a weak security from them is definitely not expected.
Some shill accounts have got no sense of morals, inserting their shill exchange names to be the best of them all while the topic is a grave one, with one of the biggest heists from a crypto exchange ever made by hackers.
Anyway, I dont see any evidence to pin it on internal affairs. Maybe or maybe not, we will never know for sure. Because if someone from WazirX did used their signature, it would be tracked back on them.
The crypto situation in India is poor, you have to agree that exchanges are having a hard time coping up - but will they resort to scamming their customers?
Someone needs to start an FIR, if not already done.
Anyway, I dont see any evidence to pin it on internal affairs. Maybe or maybe not, we will never know for sure. Because if someone from WazirX did used their signature, it would be tracked back on them.
The crypto situation in India is poor, you have to agree that exchanges are having a hard time coping up - but will they resort to scamming their customers?
Someone needs to start an FIR, if not already done.
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