alokkumar121
Cypto Enthusiast & Blockchain explorer
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Singapore High Court Approved Moratorium to WazirX
It's been over two months since the Crypto hack in Wazir X Exchange, and the Singapore High Court for Wajirx Exchange has now approved the moratorium. This is not good news for the users because this moratorium is for four months and during this time, the exchange can not be sued. The exchange has been trying to hide a lot of information from the users, which has been one of the biggest problems in this case. This is the first-ever hack in the Indian crypto exchange community and the hackers have stolen an amount of over $230,000,000. This amount in INR currency is 2000 crore which is a very big amount. The exchange was registered in Singapore and was not shared before but later on, you just got to know when the moratorium was applied by the exchange in the Singapore region.
The exchange was trying to get these and finally, they were successful in their plan. It's a breather that they have got to work on their restructuring plan and I think now there is no hope to get the stolen funds. The hacker has also moved almost all the money using Tornado Cash and it is close to impossible to track the hacker. In the beginning exchange was trying to show that they are working on the recovery but unfortunately, they haven't done anything and they also did not keep the community informed.
This is a learning for the crypto users and also the entire Indian Crypto community that no exchange is reliable. No matter how much the exchange is trying to show that they care for the community in reality, they are not and they are in the business to make money out of it. I would say that never trust the exchanges and also do not keep any funds, especially on the Indian exchanges as they hardly allow withdrawals. Some exchanges in India have even removed the withdrawal option for all the crypto coins and they are saying that they are supporting Web 3 and the crypto ecosystem. I'm not able to understand how they are supporting this ecosystem and decentralisation when the withdrawal is the basic functionality that should always be working.
The exchange was trying to get these and finally, they were successful in their plan. It's a breather that they have got to work on their restructuring plan and I think now there is no hope to get the stolen funds. The hacker has also moved almost all the money using Tornado Cash and it is close to impossible to track the hacker. In the beginning exchange was trying to show that they are working on the recovery but unfortunately, they haven't done anything and they also did not keep the community informed.
This is a learning for the crypto users and also the entire Indian Crypto community that no exchange is reliable. No matter how much the exchange is trying to show that they care for the community in reality, they are not and they are in the business to make money out of it. I would say that never trust the exchanges and also do not keep any funds, especially on the Indian exchanges as they hardly allow withdrawals. Some exchanges in India have even removed the withdrawal option for all the crypto coins and they are saying that they are supporting Web 3 and the crypto ecosystem. I'm not able to understand how they are supporting this ecosystem and decentralisation when the withdrawal is the basic functionality that should always be working.
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