Indian cryptocurrency exchange WazirX has announced that the exchange will be canceling all open orders currently placed on the exchange. The move is part of their efforts to settle the issue of INR and crypto balances on the exchange.
As per the details shared in the statement on X, the exchange has suspended all open orders on the platform. Additionally, they mentioned that any INR and cryptocurrencies that are blocked in these open orders will be added to the respective balances of the users.
WazirX says decision to resolve INR and crypto balances issue
WazirX justified the decision by saying that the primary reason for the cancellation was to settle the issue surrounding INR and crypto balances on the exchange.
However, the crypto community was pissed at the decision, with some even questioning why it wasn’t done earlier. Crypto India co-founder Aditya Singh commented below WazirX’s tweet, stating that it was weird that the cancellation was not done during the maintenance.
Aditya also questioned when the exchange plans to address the community request for a transparency report. He requested a transparency report, asking for details like a breakdown of stolen crypto with amount, remaining crypto with amount, disclosure of wallet addresses, details on surplus holdings and INR holdings, and also the amount of crypto held for institutions.
Other crypto influencers in the country, including Pushpendra Singh, tweeted, “Then what you did during maintenance time?”
Liminal raises questions on WazirX security
WazirX recently announced that, after an analysis by Google subsidiary Mandiant, it was found that the exchange’s laptops were not compromised during the attack. The exchange’s co-founder, Nischal Shetty, also tweeted, stating that they are yet to receive answers from Liminal.
However, Liminal defended themselves in an official statement. They stated that they can’t comment on the WazirX statement as the full report has not yet been made public.
Liminal mentioned that if they were to go by the statement shared by WazirX, it raises questions about the security of the exchange’s network infrastructure security, operational custody controls and overall security.
The firm also mentioned that WazirX were custodians for 5 of the 6 keys. “As far as our front-end and UI is concerned, our preliminary audit reports categorically indicate no breach in our front-end or UI,” Liminal said.
Source: https://www.cryptopolitan.com/wazirx-suspends-all-open-orders/