In the midst of the ongoing crypto bull run that has the wider crypto community in a state of euphoria, WazirX users find themselves in a frustrating situation as they are still unable to access their funds. Nischal Shetty, the founder and CEO of WazirX exchange, had previously pledged to present a live Proof of Reserve (POR) to enhance transparency, yet has once more fallen short of this commitment.
An Indian crypto influencer, Aditya Singh, took it upon himself to conduct research on various WazirX onchain wallets to ascertain the current USD value of the remaining crypto. Owing to the lack of a live POR provided by the exchange, his research was a manual effort. He discovered that, on average, the USD value had escalated by 30-40% due to the bull run.
As per a WazirX blog post dated October 25, 2024, the team stated, “We have published a Proof of Reserves (PoR) on the WazirX website based on a snapshot taken on October 24, 2024. Understanding the value of third-party verification, we’re also working with CoinGabbar, a renowned third-party platform, to provide a dynamically updated PoR. This dual approach reinforces trust and transparency by offering both internal and third-party PoR.”
Aditya’s research brought to light a significant disparity between the “Price at the time of Hack” and the “Current Price” for multiple cryptocurrencies. For instance, the total Bitcoin holdings soared from $77.39 million during the hack to $109.91 million based on the latest data, amounting to a gain of $32.52 million.
Likewise, the value of Tron (TRX) holdings rose from $26.65 million to $33.26 million, a $6.61 million increase. Although the majority of the assets in the research exhibited substantial growth, some assets did experience a decline in value over the same period.
The data also spotlighted the performance of other cryptocurrencies such as Ethereum, Ethereum Classic, Decred, and Iota, all of which registered a remarkable price spike during the recent bull run.
In response, WazirX users expressed their disappointment. One user commented, “Nischal is extremely proficient at reneging on promises; perhaps he should establish a Demolition company.” Another user lamented, “Nischal made numerous pledges, but none were realized.”
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