WazirX Exchange Missing Bullrun
While the investors of the entire crypto community are celebrating the current bull run, the pain of 4.4 million WazirX exchange users keeps mounting as they are losing not just their funds stuck in the exchange, but also any chance of capitalizing on the bull run, turning the actual loss much greater than the Rs 2000 crore hack.
Since the July 18 hack of WazirX and subsequent loss of 45% user funds, the exchange management has suspended trading and locked remaining 55% user funds for almost four months now. The exchange management has announced that they will initiate dispersion of user funds only from February 2025.
For WazirX users, it is a double blow of direct financial damage and missed opportunities. At the time of writing, the crypto market is at its peak. At the time of this report being published, Bitcoin was trading at $82,323, Ethereum at $3,143, Solana at $207.86, and Dogecoin at $0.2899 In the last seven days, BTC has surged by 17.48%, ETH by 27.10%, SOL by 28%, and DOGE by 85%. Moreover, some other altcoins are up by almost 100 to 200%.
The exchange’s suspension of withdrawals has effectively locked users out of their investments, preventing them from accessing their digital assets during what many experts consider a crucial period in the cryptocurrency market. With Bitcoin and other major cryptocurrencies showing strong upward momentum, WazirX users are forced to watch from the sidelines as potential gains slip through their fingers.
When the WazirX hack took place, Bitcoin was trading at approximately $63K, and currently, it is trading at $82K. So, the users missed a gain of approximately 28.57%.
The Pain of WazirX Users in Missing Bull Run
The pain of WazirX users who lost their money is far beyond what anyone can comprehend. A user named Amita Bairathi, who just became a mother, appeals to the exchange: “WazirXCare, hi wazirx! My money has been blocked in the account for more than a year now. When are you going to fix it? I’m a new mom and invested that money to be able to utilize it for such times only. Can you help?”
Similarly, several other users took to X and other social media sites to express their disappointment over missing the bull run.
Popular crypto influencer Ajay Kashyap recently revealed that he received messages from more than 100 people claiming they got less than 52% of their tokens. Ajay also showed his disappointment in this incident and wrote” I’ve never encountered a team in the entire #Web3 industry that is as shady, irresponsible, exploitative, and malevolent as them”
A user named Bhupesh came to X and wrote, “@WazirXIndia is doing the biggest fraud with us. In the rebalancing calculator, my doge was showing 600 and now the market is going up they reduced this amount to 450.” Another user also came up with the same issue and wrote that he is only getting 35%, previously he holds 9839 Dogecoins and now he is getting only 3400 coins.
Final Thoughts
The WazirX management has claimed that they are willing to share any future profits made in the bull run with the 4.4 Million users. However, Bitcoin would need to reach approximately $98,280 in the current bull run to cover the 45% loss under these assumptions and make any profit for users before reaching break even. WazirX’s hack has become a wound for its users which is no longer healing as they are frustrated and upset. For the millions of affected users, the current situation represents not just a temporary inconvenience, but potentially significant financial setbacks as they remain unable to participate in one of the most promising crypto market rallies in recent history.