Krutika Adani
Following a major exploit of its hot wallet, WazirX moved $75M in crypto as part of a restructuring in Singapore, reporting a total loss of $235M.
Proof of Reserves (PoR) ensures that crypto exchanges have sufficient assets to cover user withdrawals.
To maintain user trust, many exchanges hire independent auditors to confirm reserve assets. Auditors request that exchanges demonstrate control over funds, often by moving assets between wallets.
WazirX plans to enhance asset security by partnering with a crypto custodian.