India’s acquaintance Crypto Alternate Wazirx is now planning its restart by partnering with Zodia Custody. This step is important for Wazirx, as last year of $ 235 million Wazirx hack Had not only gave him a large financial loss, but also raised questions on the security system of the platform. There are many questions about Wazirx’s new partnership, especially among users, who are not fully convinced of the return of this exchange.
Wazirx’s new partnership and future plans
Wazirx has chosen Zodia Custody as its new custody partner, which offers an institutional-grade custody carrier. Zodia Custody, which is supported by large institutions like Usual Chartered, Northern Believe, SBI Holdings, NAB and Emirates NBD, follows Higher Standards for Financial Security and Administration. The purpose of this partnership is to restore confidence on the platform of Wazirx, especially after the hack in which about half of the assets of the customers were stolen.
Wazirx co-founder, Nischal Shetty said, “Our plan is to restart with a strong and secure asset management system and we are working towards this goal with trusted partners like Zodia Custody. And users got more control over their assets.
Increasing dissatisfaction among Wazirx users
Even though Wazirx has described this partnership with the Zodia Custody as a positive step, the exchanges users are expressing doubts. Wazirx has been banned since hack and its operational process has been badly affected. Wazirx gave its users an option, in which they could withdraw up to 50–55% based on their lost assets market price, or after three to five years could participate in the liquidation process, which was likely to be less likely. The step was disappointing for users and Wazirx faced criticism.
Some users are also raising questions as to why Wazirx is carrying forward the first custody deal, while he has not received approval from creditors for Restart. In addition, users believe that the exchange should first complete its financial response, such as rebuilding customers to rebuild their lost assets, not to focus on a new custody deal.
Significantly, some time ago Wazirx offers recovery tokens to users Were, but some conditions were also attached to it. Due to these conditions, users also raised many questions on the platform.
Conclusion
Wazirx has taken an important step towards re -starting its platform by parting with Zodia Custody, but even then there is a feeling of doubt and despair in the minds of its users. Users first need recovery of their lost assets. Wazirx should prioritize their problems first to regain the trust of users, not to take new steps to solve their operational problems. Despite this, this partnership with Zodia Custody can be a new beginning for exchange, provided it prefer the interests of its users.
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