WazirX’s announcement of scheduled system maintenance is raising major concerns among users already frustrated with the platform’s lack of transparency. With deposits and withdrawals on hold since the hack in July, many investors feel stranded and ignored.
The exchange revealed on Twitter that all services would be unavailable from 10 PM IST on October 28 to 3 AM IST on October 29 for a system upgrade. However, this update has only fueled user frustration as comments on the tweet are locked, leaving many feeling silenced.
Over three months after the July 18 hack that reportedly led to the loss of nearly ₹2,000 crore, users are still unable to withdraw their funds.
When WaziX announced maintenance, the Twitter community erupted in frustration quickly voicing their disappointment. One user demanded clarity, writing, “All services are unavailable since the hack. @nischalshetty, why are you guys acting as if the site’s trading is functioning?”
Ajay Kashyap, bluntly asked, “Are there any services which were available?”
Meanwhile, Twitter user @Indiascrypto criticized WazirX’s recent lack of action, writing, “ Why did #WazirX go into sleep mode after securing the moratorium approval? Why not just start the voting for restructuring scheme and get it over with?”
He also added to his anger that, “If WazirX keeps delaying like this, how will they accomplish anything in the 4-month period?”
Adding to the distrust, WazirX recently published a Proof of Reserves (PoR) report, yet skeptics argue it looks more like a “Proof of Risk.” Following an order by a Singapore Court, the platform disclosed that approximately ₹1,067 crore (or $126.91 million) of user funds had been transferred to Bybit, KuCoin, and HTX exchanges after the hack. For users, this disclosure is unsettling, with many wondering if their funds are truly safe.
The proof of reserve is supposed to assure users of their money’s safety, but WazirX’s opacity in communicating and its continued restrictions on withdrawals make some question whether these announcements are genuine reassurances or mere attempts at damage control.
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