2024

DeFi

Planet

WazirX

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 Indian crypto exchange WazirX manages over 240,000 wallet addresses as part of its operations. This exchange <a href="https://wazirx.com/blog/disclosure-of-240000-wallet-addresses-pursuant-to-debt-restructuring-process/#:~:text=At%20WazirX%2C%20we've%20always,approximately%20240%2C000%20wallets%20with%20balances." rel="noopener noreferrer nofollow">disclosed </a>this information as part of an affidavit set to be submitted to the High Court of Singapore in the ongoing debt restructuring process of its parent company, Zettai Pte Ltd.
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In its announcement, WazirX acknowledged that the number might surprise many. However, it explained that handling such a large number of wallets is typical for a cryptocurrency exchange of its scale, which serves around 4.3 million users.&nbsp;
The exchange added that it employs a complex network of wallet addresses across various blockchains to manage and facilitate a seamless user experience. It noted that it routinely consolidates wallet balances from various deposit addresses into cold, warm, and hot wallets used for trading and other functions. It also added that it is currently in the midst of sweeping and consolidating token balances, which involves effectively managing network fees to prevent unnecessary costs.&nbsp;
WazirX emphasized that this disclosure is not merely a court obligation but part of its commitment to proactive transparency. The crypto exchange stated that by sharing it, it aims to give its customers “an unfiltered look” at the scale of its operations.&nbsp;
Looking ahead, the exchange plans to introduce Proof of Reserves (POR) to solidify trust and security in its asset management. It stated this initiative will follow the complete consolidation of token assets with third-party custodians.&nbsp;
WazirX reassured its users that transparency is not just about regulatory compliance but is central to building a trustworthy partnership. As the exchange progresses towards greater accountability, it encourages its community to stay engaged and informed throughout this journey.
Meanwhile, <a href="https://defi-planet.com/2024/10/wazirx-cooperates-with-indian-authorities-following-235m-hack-plans-user-compensation/" rel="noopener noreferrer nofollow">WazirX is actively cooperating with Indian authorities,</a> including the Financial Intelligence Unit (FIU), to mitigate the impact of a July hack that resulted in the theft of $235 million from one of its wallets. The exchange is reportedly developing a comprehensive user compensation plan as part of its response to this significant security breach.
Notably, Zettai Pte Ltd <a style="color: #0000ff;" href="https://charltonsquantum.com/wazirx-parent-zettai-court-proceedings-update-moratorium-hearing-scheduled-for-25-september-2024/" rel="noopener noreferrer nofollow">reportedly</a> commenced the application for a six-month moratorium in September 2024 in response to the financial crisis it is facing as a result of the attack.&nbsp;
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The post <a href="https://defi-planet.com/2024/10/wazirx-reveals-large-scale-wallet-operations-as-part-of-debt-restructuring-disclosure/" rel="noopener noreferrer nofollow">WazirX Reveals Large-Scale Wallet Operations as Part of Debt Restructuring Disclosure</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

WazirX Reveals Large-Scale Wallet Operations as Part of Debt Restructuring Disclosure

DeFi Planet

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