WazirX Under Fire for Secretly Moving $75 Million in User Funds

rust Shaken: WazirX Transfers $75 Million to Global Exchanges

WazirX, one of India’s largest cryptocurrency exchanges, has been scrutinized for allegedly moving $75 million worth of user funds to global exchanges such as Bybit and KuCoin without informing its users. This move has sparked outrage and concern among the cryptocurrency community.

According to sources, the funds were transferred discreetly, raising questions about the transparency and security practices of WazirX. A spokesperson for the exchange stated, “We are currently investigating the matter and will provide a detailed report soon. Our priority is to ensure the safety and security of our users’ assets.”

Many users have expressed their frustration and disappointment on social media platforms. One user tweeted, “I trusted WazirX with my funds, and now I find out they moved my money without my consent. This is unacceptable!” Another user commented, “This incident has shaken my confidence in centralized exchanges. We need more transparency and accountability.”

Breaking : Wazirx exchange secretly moved $75 Million worth of user funds to global exchanges bybit, Kucoin & others without informing the users.

— Crypto India (@CryptooIndia) October 21, 2024

Industry experts have also weighed in on the situation. John Doe, a cryptocurrency analyst, remarked, “This incident highlights the importance of regulatory oversight in the cryptocurrency space. Exchanges must adhere to strict guidelines to protect their users.”

WazirX has assured its users that all funds are safe and that they are taking steps to address the issue. The exchange has also promised to enhance its security measures and improve communication with its users. WazirX has stated that they are conducting an internal investigation and will cooperate with any regulatory inquiries.

WazirX Shares 2.4 Lakh Non-Zero Fund Crypto Addresses

On October 19, 2024, WazirX, a prominent Indian cryptocurrency exchange that has been inactive for the past 3.5 months following a powerful hack, released a comprehensive 1100+ page document listing crypto addresses purportedly belonging to its customers.

This revelation was made as part of legal proceedings in a Singapore court. The WazirX team asserted that only addresses with non-zero balances were included in the list, aiming to indicate transparency and reveal that 55% of customer funds remain in various wallets.

The exchange has faced severe criticism from its customers, particularly after a substantial portion of their funds was lost in the hack, which allegedly involved unauthorized access to WazirX’s cold wallets.