Corporate Strategist

Founder/ Fraudster Nishchal didn't utter a word about this 🤡.

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WazirX India Pave Path to End Crypto Exchanges in India

Category Manager

WazirX India Pave Path to End Crypto Exchanges in India- Grapevine

So basically to make the losses to others ‘equitable’ I’ll only get 55% of my holdings?

Looks like WazirX is playing Robin Hood in reverse - stealing from everyone to give to... well, themselves probably.

What the fuck - how’s this legal?

Wtf is WazirX upto

Investor

Welcome to News Discussion's Private Community

- Indian crypto exchange WazirX experienced a security breach in one of its multisig wallets, leading to over $230 million in withdrawals.
- The exchange confirmed the breach and announced a temporary pause on INR and crypto withdrawals to ensure asset safety.
- The stolen funds represent over 45% of WazirX's $500 million holdings, with significant amounts in SHIB, ETH, MATIC, and PEPE.
- The exploiter is actively selling the stolen assets on Uniswap, holding over $4.2 million in FLOKI tokens.
- WazirX, popular among Indian traders, is one of the few FIU-registered exchanges in India, with recent trading volumes of $2.2 million. 

 Source: Coindesk

WazirX Faces Security Breach, Over $230 Million Withdrawn

Incoming crypto bro saying "Blockchain is unhackable"

Software Engineer

Journalist

- WazirX customers unlikely to recover full funds after $234 million hack in July, says legal adviser.
- At least 43% of customer funds are unlikely to be recovered, with best case scenario being a return of 55% to 57%.
- WazirX seeks six months' protection from Singapore High Court while restructuring liabilities.
- Company in talks to share profit from revenue-generating products but no concrete details provided.
- Pressure mounts as CoinSwitch initiates legal action to recover $9.7 million worth of assets stuck on WazirX's platform. 

 Source: [Techcrunch](https://techcrunch.com/2024/09/02/customers-of-indian-crypto-exchange-wazirx-unlikely-to-recover-full-funds/)

WazirX Customers Face Major Losses After $230M Heist

- WazirX has **removed a YouTube video** where it promised to share 100% of future crypto price appreciation profits with users.
- The video featured George Gwee, director of Kroll, the legal entity managing WazirX's restructuring after a **$230 Mn breach**.
- The video's removal has caused frustration among users, especially after WazirX promised fairness in a Singapore court.
- In a second townhall, WazirX clarified they would not share past profits under the new restructuring scheme.
- This comes as WazirX plans to form a **Committee of Creditors** by October 9 to restructure its liabilities following the hack.

Source: [Inc42](https://inc42.com/buzz/wazirx-takes-down-video-promising-crypto-users-of-full-profits/)

WazirX Retracts Promise of 100% Crypto Profit Sharing

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Hey everyone, I am trying to get a referral for an APM role at CoinDCX. But it seems impossible through LinkedIn. I have been passionate about crypto for a long time and CoinDCX is probably one of the best in space. 
Would really appreciate it if anyone can help me with it! 
Thanks in advance!

Need a referral for CoinDCX | Help a guy out

Product Manager

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Which is the best crypto investment platform

- The FBI has reached out to WazirX to investigate the cyberattack, allegedly involving North Korean hackers, as the firm continues its recovery efforts."
- WazirX's proposed recovery strategy following a $230-million hack has been met with criticism from both customers and crypto influencers.
- The exchange revealed that 45% of its holding assets were lost in the breach, prompting a 55/45 approach to asset access and trading.
- Customers can vote on two proposed recovery options until August 3, but many find the 55/45 strategy unfair.
- Under the plan, 45% of remaining tokens will be converted to stablecoins (USDT) and locked, potentially reducing overall portfolio value.
- The exchange briefly restarted trading, allowing access to 55% of portfolio tokens regardless of whether assets were stolen. 

 Source: Moneycontrol, Techcrunch

WazirX Recovery Plan Faces Backlash After $230-Million Hack

- WazirX's parent company Zettai Pte filed moratorium application in Singapore High Court on August 27
- Move seeks 'breathing space' for restructuring liabilities under scheme of arrangement
- Application follows $234.9M crypto heist last month, representing 45% of user funds
- Company plans to allocate impact of cyberattack pro-rata across users as unsecured creditors
- WazirX expects at least six months to consider restructuring plan and work with stakeholders 

 Source: [Inc42](https://inc42.com/buzz/wazirx-files-moratorium-application-before-singapore-court)

WazirX Files for Moratorium in Singapore Court After $230M Hack

Annoying re kyce every few months. 
And bastards have very specific requirements of doc uploads. U have to have original pan card with you and only take its photo. No existing screenshots or soft copies work.

Before this it happened twice.
Once because they would not verify an uploaded Aadhar card scanned copy. Kept saying they couldn't read it. Same thing worked everywhere else.

And before that they locked me out because of ProtonMail ban.

Some dude called satvik vishwanath built this louda platform tbh (sorry).

Is Unocoin the worst crypto platform ever?

Data engineer

I think this is CoinSwitch Kuber and WazirX, but I could be wrong. But to be safe, if you have money there, you should leave.
If anybody has figured a good way to do this process, can you please share as well?

Folks, please get off of Indian crypto exchanges - hearing there’s about to be a fund seize

- CoinSwitch announced plans to take legal action against WazirX to recover 2% of its trapped funds.
- The company held INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX.
- WazirX experienced a major security breach on July 18, leading to withdrawals of approximately $234.9 Mn.
- CoinSwitch claims WazirX has not responded to their queries, prompting the legal action.
- Inc42 has reached out to WazirX for comments and will update the story based on their response. 

 Source: [Inc42](https://inc42.com/buzz/coinswitch-to-file-lawsuit-against-wazirx-to-recover-stuck-funds/)

CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds

Welcome to Fintech India's Private Community

Hey developers@WazirX, CoinDcx and others I have plenty of questions. Others please resonate with me if you have faced the same. 

The listing takes places so late as compared to ither international exchanges. This leads to a massive lag(for the lack of better word) in hopping onto listing gains train. Any particular reason? 

Now that the bull run is about to come back and botht he number of users and transactions are increasing, everyday exchanges keep going down. I mean it's not like you guys are new or something and it's getting really really annoying to say the last at this point. Please hire good developers (no, I'm not one of them and wouldn't like to work for an exchange either)

Any suggestions from the Grapevine community for alternatives ?

Indian crypto platforms

Software Developer

Almost 40 lakh Indians lost money to the WazirX hack and I feel this is not discussed much. Also no action from authorities. 

They just burned millions of Indians and there isn’t much notice. How it’s still operating? After all we pay taxes on crypto investments but there isn’t any regulation or protection? I mean why hell tax is for. 

This is just plain stupid. Finance Ministry is probably the most fuc*ed up ministry right now I think. 

Why the founder not in legal soup?

WazirX Hack - the shitstorm gonna hurt bad

Which app are you using to buy crypto ?

- WazirX, one of India's largest cryptocurrency exchanges, has temporarily suspended all trading activities after losing about $230 million in a security breach.
- The cyber attack compromised WazirX's ability to maintain a 1:1 collateral ratio with assets, raising concerns about the adequacy of its reserves.
- Customer withdrawals were suspended after an attacker accessed one of the exchange's multi-signature wallets, which was protected by six signatories.
- WazirX announced a bounty program of up to $23 million to recover the stolen assets, with risk-management platform Elliptic linking the attacker to North Korea.
- The breach is significant, as WazirX reported holdings of about $500 million in its June proof-of-reserves disclosure, calling the event a 'force majeure.' 

 Source: Techcrunch, Moneycontrol

WazirX Halts Trading After $230 Million 'Force Majeure' Loss

Coinbase , wazirX , Binance etc What you guys think about india having it's own Dex platform.. as we see Ministries of financial affairs & RBI relations with Binance has not been good due to the company policies of operating in indian region ... it's been a while am looking the market acquisition by the big players in Dex & blockchain world 
WHAT DO YOU GUYS THINK ABOUT indian Dex ?? As a  general survey ...

Indian Decentralised Exchange

System Engineer

As an Indian what options do you have now? Especially if you don’t have such a large portfolio

What would you do after India bans International crypto exchanges?
#crypto #advice

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