WazirX has been hacked!

[pakhitheboss]

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.

[Bitcoin Smith]

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.

[pakhitheboss]

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.

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

[Bitcoin Smith]

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.

[pawanjain]

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.

[india012]

This is bad news in the front of an already crumbling crypto sector in India. The hackers know that they can hit exchanges and come out with billions.

It would be interesting to see if the legal approach would take any effect on the existing pea-brained politicians about their approch to cryptocurrencies and the public outcry that will happen.

Never store coins on exchanges, something that I cant emphasize enough. Unfilled trades will get affected, you cant do anything about those in such cases.

I don't think there's any law right now That's the main reason I hate the centralised exchange always decentralised is best as it's human nature if I do the mistake then it can be excused but if they can do the mistake it can't be excused ,
Better to be educated ourself diversified and these think can come up with risk

You are right storing coin in one place is really dangerous for everyone

[Bitcoin Smith]

Some memes and videos regarding Wazirx handling funds are getting viral in the recent past and it seems Wazirx is using the users funds to cover the legal fight that is on going at the moment from Binance (if I am not wrong) and people starts criticizing about these kind of behaviour by Wazirx is bad. So what you guyz think Is wazirx is doing the right thing?

If this trend continues, then we can conclude that wazirx has no future in our country if they ever recover from their current hack scenario.

[pakhitheboss]

Some memes and videos regarding Wazirx handling funds are getting viral in the recent past and it seems Wazirx is using the users funds to cover the legal fight that is on going at the moment from Binance (if I am not wrong) and people starts criticizing about these kind of behaviour by Wazirx is bad. So what you guyz think Is wazirx is doing the right thing?

If this trend continues, then we can conclude that wazirx has no future in our country if they ever recover from their current hack scenario.

I have read about the Singapore court case and I have seen those who have lost thier funds are not happy with what this exchange has been doing. I thought that some of the users who have lost thier funds had earlier raised an FIR against the exchange but I don't think they have done it. Unless these users unite and take the exchange to the Indian courts they will get nothing from the exchange.

[digitalprofithub]

Yes, this is true. And many people also suffered losses in it. Same happened with me. I kept my amount in an exchange and they stopped withdrawing it for quite some time. It has been more than 6 months. I am not able to withdraw my coins. Seeing all this, I feel that it is not safe to keep your funds in any exchange.

[pakhitheboss]

Yes, this is true. And many people also suffered losses in it. Same happened with me. I kept my amount in an exchange and they stopped withdrawing it for quite some time. It has been more than 6 months. I am not able to withdraw my coins. Seeing all this, I feel that it is not safe to keep your funds in any exchange.

Which exchange are you talking about? Is it an Indian exchange or an international exchange? If you can share more details then we might be able to create more awareness and ask fellow community members to not use that exchange.