Today's WazirX Hack is Worse Than You Think
Today, it was reported that WazirX had been hacked for over $230M or ₹20,24,00,00,000.
Given that WazirX is one of India's top exchanges, this hack will have a significant negative impact on crypto regulation.
Regulators are likely to clamp down even harder on the crypto industry, which could create difficulties for Indian traders.
However, there are some important lessons to learn:
1. No exchange is completely safe, no matter how big it is, so avoid keeping your long-term funds on exchanges.
2. FIU compliance does not guarantee security.
3. Indian exchanges still lag behind foreign exchanges in terms of security, liquidity, and trust.
Withdrawals have currently been suspended on WazirX. I hope the team can find a solution to return customers' money.
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