Mudrex Halts Crypto Withdrawals to Enhance Security

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by Giorgi Kostiuk

2 years ago

Indian crypto investment platform Mudrex unexpectedly paused crypto withdrawals, facing community criticism. The company explained that the pause was for upgrading its compliance system to prevent malicious activities.

Reason for Suspension of Withdrawals

Alankar Saxena, the founder, and CTO of Mudrex, addressed the situation citing that the suspension is temporary and INR withdrawals remain unaffected. He reassured users about the safety of funds.

We will be able to complete the compliance upgrade by January 28th and will resume crypto withdrawals after.

Community Reaction

Before Mudrex’s clarification, the news fueled skepticism and backlash within the Indian crypto community. After the company's statement, some users expressed gratitude for clarifying the situation, while others urged Mudrex to maintain transparency with investors.

The goal is to automate and streamline the verification process for quicker and more reliable withdrawals, all while maintaining the highest levels of compliance and security.Edul Patel, co-founder and CEO of Mudrex

Government Initiative to Combat Crypto Scams

The Indian Ministry of Home Affairs, through its Cyber Crime Coordination Centre, is partnering with Google and Facebook to combat cryptocurrency scams. This collaboration aims to flag malicious ads and detect phishing campaigns linked to scams.

Mudrex's compliance system upgrade temporarily paused crypto withdrawals, leading to user discontent. However, the company clarified its actions, reassuring the community of fund safety.

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