The crypto community is enjoying the Bull run, while the WazirX users are still waiting to access their funds. Previously Nischal Shetty, the founder and CEO of WazirX exchange committed that he would provide the live Proof of Reserve (POR) to boost transparency but has again failed in doing so.
A popular Indian crypto influencer Aditya Singh did research on different WazirX onchain wallets to check the current USD value of remaining crypto. He found that the USD value has increased by 30-40% on average due to the Bull Run.
The research he conducted was manual because the exchange did not provide live POR. However, Nischal committed and said that the team will provide it publicly.
According to WazirX blog, published on October 25, 2024, the team said “We have published a Proof of Reserves (PoR) on the WazirX website based on a snapshot taken on October 24, 2024. Understanding the value of third-party verification, we’re also working with CoinGabbar, a renowned third-party platform, to provide a dynamically updated PoR. This dual approach reinforces trust and transparency by offering both internal and third-party PoR.”
The research conducted by Aditya shows the stark contrast between the “Price at the time of Hack” and the “Current Price” for a range of cryptocurrencies. For example, the total holding of Bitcoin surged from $77.39 million at the time of the hack to $109.91 million as of the latest data, representing a gain of $32.52.
Similarly, Tron (TRX) holding also saw its value increase from $26.65 million to $33.26 million, a rise of $6.61 million. While the majority of the assets showcased in the research have experienced substantial gains, a few assets also have seen their value decline over the same period.
Moreover, the data also highlights the performance of other cryptocurrencies, including Ethereum, Ethereum Classic, Decred, and Iota – all of which witnessed a remarkable price surge in the recent bull run.
On this, the WazirX users showed their disappointment. One user wrote, “Nischal is so good at breaking promises, I think he should start a Demolition company.” While another user wrote, “Nischal made plenty of commitments, but none were fulfilled.”
