WazirX Latest News: 240000 Wallet Address Disclose to Build Trust
WazirX Latest News: Wallet Disclosure Affects Users and Future Plans
Recently Singapore High Court ordered WazirX to Disclose wallet addresses as part of a four-month moratorium After WazirX hacked on July 18, 2024. WazirX has disclosed details of 240,000 wallet addresses as part of Zettai Pte Ltd’s debt restructuring on its official WazirX Twitter Account, emphasizing transparency and plans for further steps like Proof of Reserves to build trust.
What Are the Transparency Initiatives Taken By WazirX?
WazirX has taken a significant step in transparency by disclosing 240,000 wallet addresses with token balances, as part of the Zettai Pte Ltd debt restructuring. This information will be filed with the High Court of Singapore and shared with creditors to ensure a clear understanding of the assets involved.
This move showcases the scale of WazirX’s operations, where millions of users hold crypto wallets. As users continue learning how to open a crypto wallet, this step underscores WazirX's capability to manage complex operations, such as sweeping and consolidating tokens from wallets to avoid unnecessary network fees.
Using a crypto wallet address checker, users can track balances and feel reassured that WazirX is ensuring their funds’ security. This step also highlights WazirX's ability to manage a large number of wallets across blockchains, reinforcing its reliability.
The WazirX wallet disclosure 2024 is part of their broader mission to remain transparent, even in the face of challenges, such as when the WazirX hacked situation arose in the past.
The platform remains committed to ensuring user trust by clearly communicating operations like token sweeping, wallet balance management, and open reporting on its WazirX Twitter handle.
Future Plans of WazirX
Looking ahead, WazirX future plans include introducing Proof of Reserves (POR) to enhance transparency and user confidence.
POR will verify the assets WazirX holds on behalf of its users and will be implemented after a comprehensive consolidation of token balances with third-party custodians and service providers. This initiative aims to increase operational transparency, further assuring users on topics like "how to set your crypto wallet safely".
The company is also finalizing the sweeping and consolidation of wallet addresses, ensuring secure funds management without causing high network fees. WazirX’s wallet address transparency will be pivotal in strengthening its reputation as one of the most trusted crypto exchanges.
With this approach, WazirX is positioning itself as an exchange that not only meets regulatory standards but also offers a secure platform for users exploring crypto wallets or using their WazirX referral code to invite others. By openly sharing information on its operations, WazirX reinforces its commitment to providing users with the tools and transparency needed for a secure crypto experience.
Summary
WazirX disclosed 240,000 wallet addresses as part of a restructuring process and is set to introduce Proof of Reserves. This initiative will enhance user trust and ensure greater transparency in how the exchange operates, managing crypto wallets securely while staying committed to user confidence.
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