After the collapse of the FTX exchange, many large digital asset trading platforms began to attract audit companies to check their cryptocurrency reserves.
WazirX management promised in December to provide proof of the exchange’s reserves to reassure clients that funds are safe.
According to
datapublished recently on Coin Gabbar, the total assets of WazirX, which serves more than 15 million customers, is $ 285 million. About 19% of all crypto assets of WazirX are 6.09 trillion coins of the meme cryptocurrency SHIB worth $ 54.5 million. The exchange also has 1,356 bitcoins on $23.6 million and 20,074 Ether for $26.7 million. The top five is closed by DOGE and MATIC with $23.3 million and $14.2 million, respectively.
“The reserve-to-liability ratio of WazirX remains above 1:1, which means there is sufficient liquidity on the exchange in the event of a withdrawal. We are committed to transparency, which is why we have published proof of reserves to build user confidence and keep their crypto assets safe,” said Rajagopal Menon, Vice President of WazirX.
However, the Coin Gabbar platform simultaneously issued a disclaimer stating that the information provided should not be considered an exhaustive or complete account of the actual reserves held on the exchange on behalf of its clients.
In November, WazirX management reported that it received more than 800 law enforcement requests from April to September 2022, and the number of user account suspensions increased by almost 20%.
Source: Bits
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