WazirX reveals 40% customer assets held on third-party exchanges amid transparency push
WazirX, an Indian crypto exchange, revealed its proof-of-reserves report, indicating over 40% of customer assets are on third-party exchanges. As of October 24, WazirX holds $298.17 million across 242,000 wallets, with $157.01 million on-chain and $126.91 million on external exchanges. The exchange has not disclosed the names of these platforms but is seeking permission to do so. The largest asset is 1140 BTC, valued at $77.9 million. WazirX plans to secure a new third-party custodian with fund insurance for enhanced customer protection after ending its relationship with Liminal following a cyberattack that resulted in a $235 million loss. Withdrawals in INR have resumed, but crypto withdrawals remain suspended as the exchange consolidates reserves and cooperates with investigations into the breach.
