WazirX Hack Update - I was Lucky to have transferred funds before the hack
The importance of a community - And I have offered them to build with #hive
WazirX, the Indian crypto exchange in which I am a long time user, was hacked ten days back on July 18, resulting in a theft of $230 Million digital assets and trading has been temporarily (only time will tell) paused, which includes INR and crypto deposits/withdrawals. This represents a major chunk of investor money, and unfortunately, majority of the investors are those, who put their money earned with blood and sweat to get good returns in the forthcoming bull market. Just quoting couple of tweets on this to let you feel :
https://x.com/pprasantaprama1/status/1816368642164138093
A delivery boy earning only 300-350 INR , investing his hard earned money from 3 years.
https://x.com/Rahim8753khan/status/1816382449355792677
Another example - we should invest that much that we can afford to loose. Life does not stop there and suicide is not a solution.
Knowing that, recovering the stolen money is not easy, WazirX is now looking forward to the community to help them rebuild - we realize the value of community when we need help, but unfortunately, the community is not happy with their solution. They have offered 55% assets to be available for trading/withdrawals and remaining 45% converted to USDT and locked but then people have quickly pointed out the flaws in this model. The stolen money is roughly 50% of the total exchange asset, so that could be the reason, they would have come with this model. Even though many people point out the flaws, at the end, its most likely to be the way THEY WANT, moving forward. I have offered them to work with #hive to grow their business as India poses immense opportunity for both - you can see my comments in the above screen shot. I was recently made aware of the Distriator app by @starkerz and it provides great opportunity for India, where people can earn and spend crypto in their everyday life. The only challenge is the tax implication, and if an exchange supports it , that becomes very easy. And of course they get benefit of it, if they come forward to support fully. And I am sure, the #hive community will not disappoint as well.
A crypto influencer from India pointing the flaws in their proposal.
https://x.com/NischalShetty/status/1817129875611730291
Another user putting his perspective and WazirX defending their choice.
The hack definitely reminds about that popular phrase "Not your keys, not your crypto" but my thoughts are a step beyond that. Even if you have keys, there can be other setbacks ( what if you kept the key but die out of a heart attack and nobody else in your family knows !!) in life. You literally cannot control everything, unless its supported by the divine, so play with that much money, in crypto, which you consider as a bet that you can afford to loose.
I have invested good amount in #hive and had been buying USDT on WazirX ( my post 3 weeks back) to invest more, but thankfully, I withdrew all my USDT to binance, because it provides more options to buy. But even there is risk there, and in fact risk everywhere with crypto.
When I tried to transfer my USDT to Binance, the very first message was this :
This sounds simple but it aligns to the legal consequences, if not followed.
Before transferring the entire amount, I preferred to do a small transfer first, even though the minimum fees was not less.
After that went through, I transferred the rest of my USDT.
The money now is waiting for investment and I am exploring options ( part of it would come to #hive for sure), but it's not easy to invest in crypto. And I am sure, it will be more difficult to yield the profit, tax implication being the biggest challenge. We will discover only when we face it.......
And by the way WazirX is offering $23 Million Bounty Program to help them recover the stolen funds, in case any of you is capable and interested. More details here :
https://wazirx.com/blog/wazirx-bounty-program/
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This is exactly why I don't keep any funds in exchanges due to the fear of being hacked.
Hopefully, someday we'll have the option for AMM-style exchanges on Hive to facilitate on-ramp and off-ramp transfers of funds. I think that’s the safest way of exchanging funds from crypto to fiat and vice-versa. I agree with you; decentralized solutions are still a great option.
So sad to hear the news sir.🥲
I hope they can recover.😊
True sir. Hive is more safe that's why many people stay here.😊
I think, just like you, I like to also move a little portions, I learned this from someone years back. I think it's better to lose 2$ than to lose a whole 290$ for example. CEX can be very unpredictable
The worst part is when they are earning profits on every trade then they don't think of sharing profits. And now when funds are stolen due to a lope hole in their security they are expecting users to take losses.. pathetic..
Everyone works in their own interest :) I was exploring Zebpay yesterday, at least there funds are insured. But on a down side, its only INR to crypto and vice-versa.
This is very sad for the wazirx users and I also had some amount but its not big so I am not very worried. Its good that you withdrawn before and now I am worried for the people who were holding big amounts in the exchange. No withdrawal was another reason or such a big loss otherwise, people would have withdrawn.
I see that in USDT withdrawal through ERC 20, they charged a lot and this is too much for a transfer txn.
Ya, the charges are very high and their support is pathetic as well.
I am also user of wazirx but my wrx tokens are still there.
Exchanges are not secure and vulnerable to hacking. WazirX has spent a considerable amount of time in the crypto space, it is very unfortunate to encounter such incidents.
There is a fundamental difference between BTC, or any investing coin, and Hive. Here in Hive, you can earn it by investing your time labor, skills, and all other social traits. In BTC, a user has to earn from somewhere else and put it to earn profit. If "Banking the unbanked", and "creating a new middle-class concept" will ever manifest on an industrial scale it will essentially need a model like HIVE where people can earn it by investing their time, labor, and social traits.
In that context I think you have given a wise and very timely suggestion to WazirX, they can really catapult them out of this abyss and slowly start building a community and offer better docking arrangements for crypto exchanges in India. They can craft a whole Indian niche-based community here in Hive.
Not your keys...not your crypto
Even if your keys, you can not remain complacent. Make sure your kin and kith inherit it.
Thank you.
Jai Jagannath
🙏🙏🙏
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I’m considering moving some of the coins I have off exchanges after reading your post.
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I simply believe that no exchange is secure so better not to keep the funds if you are not trading. I had no funds in Wazirx so no loss for me but very sad to know that people have lost their hard-earned money in this hack. Thanks for sharing about it @sanjeevm and you have taken the right step at the right time. Greetings.
I can imagine how the boy who has been saving his hard earned money for over three years will feel. It’s really crazy but I’m glad that you were at least lucky to have transferred your funds before it happened.
I also don’t save money on exchanges
This platform is better to put my crypto in
Good move and such hacks simply decrease the trust in crypto. There should be a failsafe somehow thought for when such cases happen. Maybe somebody will think at one covering most blockchains.
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Thanks for letting us know about this
I always feel very relaxed and comfortable with Hive
Naturally, I don’t trust crypto exchanges with my cryptos. I am always careful and one thing I do is split all my money into four or five exchanges so that I will not lose all my money at all something like this will happen
I’ve actually moved my funds off exchanges too for safety. This hack really shows the risks involved
Now that's why I keep my crypto in multiple wallets mate. It’s safer and reduces potential losses.
WazirX is going through a hard time, but they need to gather themselves, and this hard time shall pass. I wish them best of luck.
Man, this is really bad. I can imagine the hack ruined many people´s lives, especially those of poor folks who put their little but hard earned savings in there :( Hopefully, the stolen funds will be returned. Glad that you were lucky enough to withdraw yours before the hack. That was some impressive intuition ;)
Don´t know what kind of options Binance offers but Coinbase now has some not so bad APR on staking various coins. But not even close to those 20% that we have here on Hive of course ;)
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Coinbase does not allow India users I guess.
Ah, sorry about that, I didn´t know...
What bad news, friend, the truth is that it must be difficult to lose all the money you saved by dedicating time and effort to cyber hackers who take advantage of the slightest carelessness to carry out their misdeeds. Although it is difficult, I hope that the majority can receive their money back.
The risk is everywhere but as you say for cryptocurrencies we only have to invest what we are willing to lose and good for you friend a little luck withdrawing your investments days before
Wow, that is heartbreaking. Lots of people's hard earned money, gone, because of a hack. But hopefully, as we've seen in Mt. Gox, there is a possibility of it being returned. I guess this is another reason why having more decentralized options is better. One can just keep their assets in their own wallets while trading. Thinking more about it, this is also possibly a few of the remaining advantages of traditional finances like the bank. Assets can be insured up to a certain amount. So if a hack happens, their funds are still safe.
Recently cyber attacks are increasing, hackers may be targeting to the platforms with less security. It is better to not store coins on online sites.
We really need to be very careful of our funds because there is a whole lot of cases of hacking
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