WazirX denies transferring 55.25 million XRP to Binance before the hack worth 2,000 crore INR, asserting that this was a normal withdrawal and deposit activity and cold wallet consolidation.
WazirX CEO, Mr. Nischal Shetty, explained that XRP transactions are user-initiated and that cold wallet security operations are ongoing. All asset movements after the hack have been disclosed and independently audited.
MAIN CONTENT
Connecting XRP transactions is the activity of withdrawals and deposits and securing cold wallets, not unusual transfers.
WazirX does not have a Binance account, denying direct transfers of XRP to this platform.
All movements after the hack have been transparent, audited, and reported to law enforcement.
Did WazirX actually transfer a large amount of XRP to Binance before the hack?
In response, WazirX CEO Mr. Nischal Shetty confirmed that there were no direct transfers to Binance. Experts note that blockchain transactions are easily verifiable and public.
Mr. Shetty stated: "We do not have a Binance account, so we did not send tokens to them. If there are specific on-chain transactions, we are ready to verify." This reinforces trust by prioritizing transparency and proving it with Blockchain data.
How are the XRP transactions over 55 million explained?
Mr. Nischal Shetty asserts that the XRP transfers are due to user withdrawal and deposit activities from February 2023 to July 2024, while also being part of the token consolidation into cold wallets to enhance security.
This is a common method in the cryptocurrency industry that helps mitigate the risk of attacks. According to a 2023 report from ChainSecurity, most major exchanges maintain concentrated assets in cold wallets to protect customer funds.
"All token transfer movements during that time are transparent and within the normal operating scope of the exchange, including maintenance and consolidation of cold wallets."
Nischal Shetty, WazirX CEO, June 2024
How has WazirX handled assets after the serious hack?
Immediately following the incident of losing assets worth approximately 2,000 crore INR, WazirX transferred some assets to other exchanges and to BitGo wallets to protect user balances. These actions were publicly announced and have undergone independent audits.
Audit reports have also been submitted to the court and representatives of stakeholders to ensure transparency and accountability, helping to enhance trust among users and regulators.
"The public disclosure of asset movements after the incident and the independent report show WazirX's commitment to protecting customers and complying with the law."
Analysis of WazirX asset audit reports, May 2024
Could WazirX be accused of internal misconduct or hidden security risks?
Currently, there is no on-chain evidence to verify that the money transfer activities were manipulated or involved internal misconduct after analysis by the CEO and independent audits.
Cryptocurrency security expert, Mr. Nguyen Hoang Long, commented: "Large withdrawal cases are often associated with normal user activity or security processes; one should not rush to conclusions without specific evidence."
What was the status of WazirX's payment wallets and cold wallet consolidation before?
The consolidation of cold wallets is a long-standing security strategy maintained by WazirX to minimize the risk of attacks or large-scale asset theft. The wallet is publicly disclosed on the Proof of Reserves page to enhance transparency.
This reality confirms that the internal security system operates orderly, based on industry standards and transparency of information for users. This is also a trend that many major exchanges are applying today.
Frequently Asked Questions
Did WazirX actually transfer XRP to Binance?
WazirX CEO confirms that there were no direct transfers to Binance; if any transactions occur, the exchange will verify and disclose them transparently.
Is the XRP transfer activity before the hack concerning?
These are user withdrawal and deposit transactions, as well as the consolidation of cold wallets, which are completely normal in the operations of a large cryptocurrency exchange.
Have all asset movements after the hack been disclosed?
WazirX has disclosed all movements, sending independent audit reports to the court and relevant clients.
How can we know that WazirX is transparent in handling incidents?
Asset audit reports and public disclosure of Proof of Reserves ensure honesty, improving trust from the community and analysts.
Are there any internal risks associated with the incident?
There is no verified evidence of internal misconduct; all activities are thoroughly reviewed and transparent, according to the CEO's feedback.
Source: https://tintucbitcoin.com/wazirx-chuyen-55-trieu-xrp/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
