WazirX Hack Sparks Proof of Reserves Movement

Krutika Adani

WazirX Transfers $75M

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

Proof of Reserves (PoR) ensures that crypto exchanges have sufficient assets to cover user withdrawals.

Transparency Measures by Crypto Exchanges

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 to Onboard a Crypto Custodian

WazirX plans to enhance asset security by partnering with a crypto custodian.

Learn more