Source: Moneycontrol, Techcrunch
"Socialising the losses while privatising the gains is an unfair practice and investors will now think twice before making their bets through local exchanges like WazirX.”
Articulates this bs so well!
So much capitalism that it became socialism
Those who didn't understand this strategy are not entrepreneurial material. This is a really good one and you should be amazed by it. They are just locking 45% assets, a counter move against the chaos of everyone withdrawing all assets out of panic, hence users keep trading with 55% which will force trust among users, till everything falls back to normal. 😍 And converting the user's 45% assets to USDT (non violent token) for their operations continuation and calming shareholders.
Amazing and commendable move. (I was also a crypto trader and I would be more happy to accept, if they would have given an explanation behind strategy to ensure transparency. I would be assured that it is just temporary.)
I don't think any investor would accept it. Having a loss due to market changes is acceptable, but having a loss due to robbery when all the crypto exchanges claim they have military grade security is ridiculous.
It happened and there is nothing better than to address the situation with strategy and minimize catastrophic impacts.
Military grade security is just a marketing term and they kept the best security approach. There is always the possibility of loopholes and inside breaches.
As an investor, you should feel relaxed that they didn't declare bankruptcy as FTX and all of your money is gone.
wtf how is this okay
I feel bad for anyone who put their money on wazirx
Happy that I never invested in these con crypto exchanges
Blockchains are the most secure platform in the world! Put everything on the blockchain. Your homes, your cash, your pension, PF, even yourself. You will be totally secure 🔐
Damn it, I'm closing my zebpay coz all this is BS
Stay safe please 🙏
what happened to your deposits in the event of a bank robbery ~400 yrs ago?
I just hope there's enough liquidity once they open their platform to trade. This is a fact that if I can trade with my 55% remaining, in this BTC bull run, at least I can cover my loss pretty fast, at least I can be on cost to cost if not in profit
Incoming crypto bro saying "Blockchain is unhackable"