A recent report has surfaced indicating that a major crypto exchange is stepping in to assist WazirX in compensating the victims of a hack incident that occurred 1.5 months ago. WazirX, a well-known Indian crypto exchange, fell victim to a significant hack that resulted in the loss of a substantial amount of funds. Today, we delve into the behind-the-scenes story of the WazirX hack incident.
According to various media reports, the leadership at WazirX is currently in talks with a top crypto exchange to secure funds for compensating users affected by the hack and revamping the platform. While the identity of this crypto exchange remains undisclosed, there is a strong possibility that the aid may be provided by this exchange.
However, some crypto enthusiasts remain skeptical about the outcome of these discussions, citing the hefty compensation fund required and the severe damage inflicted on WazirX’s reputation. As a result, they believe that the chances of a positive resolution are slim.
In a recent development, it has been revealed that WazirX’s leadership is seeking regulatory approval for a Moratorium application in a Singapore court, with the backing of less than 500 WazirX customers, representing less than 0.01% of the total customer base.
Amidst these developments, several Indian crypto influencers have criticized the current leadership of Binance, a prominent crypto exchange, for not doing enough to aid WazirX customers. They argue that Binance should intervene and assist WazirX customers in their time of need.
One user expressed disappointment in the current Binance CEO, Richard Teng, alleging that he does not prioritize customers like former CEO Changpeng Zhao (CZ) did. Affidavits suggest that Binance still holds ownership of WazirX, sparking further debate on the responsibilities of the parent company in such situations.
As the situation unfolds, it remains to be seen how the discussions between WazirX and the unnamed crypto exchange will progress, and whether regulatory approval for the Moratorium application will be granted. The crypto community eagerly awaits further updates on this ongoing saga.