BENGALURU: For the first time since its Rs 2,000 crore hack in July, crypto exchange WazirX has released its Proof of Reserves (PoR) and it shows total assets have declined 40% to $298.17 million as of October 24 as against $503.64 million it reported in June.
As of June 10, 2024, at 6:30 pm, WazirX’s total holdings stood at Rs 4,203.88 crore($ 503.64 mn). This was a 79% surge compared to the data it shared in January 2023. The fund bifurcation data showed that $126.91 million is with third-party exchanges.
“Understanding the value of third-party verification, we’re 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,” it said in a statement.
Recently, WazirX was granted a four-month moratorium by the Singapore Court under certain conditions. Singapore-headquartered Liminal Custody, which is an estranged security partner of WazirX, on October 22, said WazirX blamed Liminal Custody and stated that it had terminated its contract with Liminal.
“However, WazirX continued to use Liminal’s infrastructure to access and manage their remaining user funds. Even 75 days after the hack, WazirX was still holding over $175 million in assets on Liminal’s platform. Despite their accusations, as of today, nearly $50 million of their user assets continue to remain on wallets accessed via Liminal Infrastructure,” it said.
Earlier, cryptocurrency exchange CoinSwitch, which has Rs 12.4 crore in INR, Rs 28.7 crore in ERC20 tokens, and Rs 39.9 crore in other tokens on WazirX, had said it will pursue legal action to recover the funds.