WazirX to Approach Singapore High Court With Moratorium

[Z-tight]

In the most positive way possible: this event makes us realize that CEXs are not suitable places to store too many crypto assets; they are only for trading crypto. Buying assets and holding many assets on CEXs is a high-risk decision, especially since CEXs have become targets for hackers.

I totally agree, too many people forget about that and they use centralized exchanges like they are banks for crypto, you can do whatever you want in a centralized exchange, but do not store or stake your funds in there. Not your keys, not your coins; and i hope many people will learn from this, though i doubt it.

[yhiaali3]

I hope it can be acquired by Binance as Binance has just returned to India. WazirX 15M users could be worth a lot and enough for Binance to accept compensating the $230M loss of WazirX from the recent hack. That's a pretty good scenario for both WazirX and its users.

Yes I totally agree with you, I also hope that Binance can acquire WazirX especially in such circumstances as it will be a very favorable opportunity for Binance to acquire it in an easy way with a large user base in the promising Indian market.

I expect that it will be better for everyone especially WazirX users who have suffered a huge loss as Binance acquisition will be a compensation for them.

[Z-tight]

WazirX's legal advisers said some days ago that it isn't possible for customers to get 100% of their funds back, something i already know though, and that the best-case scenario is creditors getting 55%-57% of their funds back. I don't even know if they will get that much and even if they will, when.

It must be hard for the creditors to see that the hacker has started moving 'their' funds through tornado cash to obfuscate the origin of the coins. WazirX are in a tight spot right now and they have to make a decision quickly.