PANews reported on October 28 that according to Cryptoslate, the Indian crypto exchange WazirX recently disclosed its Proof of Reserve (PoR) report, showing that more than 40% of customer assets are stored in third-party exchanges. The exchange said it deposited $98 million, $26.81 million, and $2.1 million in three different exchanges, respectively. WazirX did not disclose the names of these platforms, but the crypto community speculated that these platforms might be Bybit, KuCoin, and Huobi.
The exchange said its PoR dashboard is designed to increase transparency by independently verifying its wallet addresses. As of October 24, WazirX held $298.17 million in 242,000 wallets. Of this, $157.01 million was stored on-chain, $126.91 million was stored on other exchanges, and no assets were held in third-party custody. In addition, WazirX noted that it holds $14.25 million in illiquid assets. Across chains, the exchange's most valuable asset is 1,140 BTC, equivalent to $77.9 million. This is followed by $26.7 million worth of cryptocurrencies on the Tron blockchain, including $14.7 million worth of TRX and $1.6 million worth of USDT. In addition, WazirX has announced plans to hire a new third-party custodian to provide fund insurance to enhance customer protection.
WazirX is now going through legal proceedings to reorganize after a $230 million cyber attack in July froze user funds and suspended most cryptocurrency withdrawal services.
