Crypto Influencer Claims WazirX is Hiding Some Crypto Funds Belonging to Customers: Fake PoR

Today, WazirX held a town hall discussion to answer multiple questions from WazirX customers.

We're live

Join in https://t.co/tt5VwgXqxC https://t.co/1UrUtZShCv

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) September 2, 2024

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After the town hall discussion ended, an Indian crypto influencer said that the WazirX team probably provided incorrect information related to Proof-of-Reserve (PoR). 

The crypto influencer explained that WazirX published PoR, but rather than publishing wallet addresses, they used the Live PoR feature on Coingabbar, where users can check and verify. However, the crazy part is that some crypto holdings were not being tracked on Coingabbar.

How do we know this? A mismatch was found when the percentage number given by WazirX for the remaining funds didn’t match the percentage of crypto remaining as per PoR on Coingabbar. Later, the WazirX PoR on Coingabbar was also taken down for some reason, so we can no longer track it.

Furthermore, he raises the question: Why was this information never revealed to their users before in the PoR? Why was this information hidden?

Now Wazirx also published POR but rather than publishing wallet addresses, they used the Live POR feature on Coingabbar.

Where users can check & Verify. pic.twitter.com/zNTfdK0P6L

— Aditya Singh (@CryptooAdy) September 2, 2024

For example, below is CoinSwitch, another Indian crypto exchange, PoR, where they clearly stated that 15% of users’ funds are kept with other exchange partners, and they even revealed the names of these exchanges.

Unfortunately, 2% were on WazirX, for which CoinSwitch announced they would be filing a legal case against WazirX.

But this raises the question – Why this info was never revealed to their users before in the POR? POR means publishing all details with full transparency. Why was this info Hidden?

For example below is Coinswitch POR, where they clearly stated that 15% of users' funds are kept… pic.twitter.com/XPvX8KErvG

— Aditya Singh (@CryptooAdy) September 2, 2024

Now it will be interesting to see whether the WazirX leadership will respond to this matter or not, or whether they will ignore these questions. Already, this crypto influencer was blocked by WazirX CEO Nischal Shetty last week for raising questions against WazirX leadership, when the WazirX team was failing to give any satisfactory answers or decisions to tackle the losses from a hack incident.

Read also: Bitcoin (BTC) Braces for September Slump: History Suggests Prices Could Plunge to $55,000

Crypto Influencer Claims WazirX is Hiding Some Crypto Funds Belonging to Customers: Fake PoR

 

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